I am considering on terminating my iva and paying

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Farah.42

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Post by Farah.42 » Fri Aug 19, 2016 6:19 pm
I am considering on terminating my iva and paying my debtors in full as i owe £1658 but my iva wants £300 + a month as my wage has increased , as i have 9 months remaining this totals to £3000+! Can anyone advise me
 
 

Foggy

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Post by Foggy » Fri Aug 19, 2016 6:29 pm
I would advise you continue with the IVA. If you terminate it the creditors can add back lost interest and the original debt will increase.

When you say you "owe" £1658 ... is this what you would have paid at the current rate, or have you paid in your full original debt, plus fees and statutory interest, less the £1658 ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

ginger323232

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Post by ginger323232 » Fri Aug 19, 2016 6:31 pm
There no guarentee the creditors will accept this - you may also find they may start to load the interest and charges on this, and it opens up the possability of recovery action ie CCJ etc.

You will always owe the original debt/fees and possible interest
Last edited by ginger323232 on Fri Aug 19, 2016 6:31 pm, edited 1 time in total.
 
 

kallis3

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Post by kallis3 » Fri Aug 19, 2016 6:51 pm
Creditors probably won't agree it and you may end up having to pay interest back again.

I would also advise that you continue - that way at the end you will be debt free.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Michael Peoples

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Post by Michael Peoples » Sat Aug 20, 2016 3:49 pm
Finish the IVA and you will be debt clear but there is no guarantee this will be the case if you cancel.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Lisa Thomas

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Post by Lisa Thomas » Tue Aug 23, 2016 10:40 am
You are risking recovery proceedings, including Bankruptcy and risking losing assets, such as your home, if your fail the IVA. Creditors may also insist upon statutory interest. Take care when making this decision.

How long do you have left on your IVA?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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