I am just entering the 5th year of my IVA - it was agreed that I needed to pay £1500 back but I have already paid £21000.
I know this sounds like a strange question but will I have to carry on paying - i mean will I have to pay the full amount back? As there is talk of me going into a 6th year?
Total debt 36000, I debt removed making balance 31000, total paid into IVA so far 21500.
You will keep payimg until such time as the iVA runs its course, or you manage to pay back 100% of the full original debt, plus fees and possible statutory interest. Only at the end is anything unpaid written off.
Why are they talking about a 6th year ? Do you have equity in your home to address ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014