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
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
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.
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
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.