Hi, I've just made my final payment in my I.v.a. And have had my 5th annual report to creditors sent to me. I have managed to pay 100p in the pound back to them which I was pleased about. On my balance sheet after I've payed my creditors and my ip there is still about 4000 pounds in the I.v.a account. Will I get this money back? My annual report says I must make a contribution towards statutory interest ? I payed back about 23,500 pounds.
Any help would be appreciated,
Thanks
It may be that you do have to pay statutory interest but this is likely to be less than the costs of a consolidation loan over the same term. Well done on repaying creditors in full.
Excellent return ...well done. Have a look at your proposal document and see if it says abouts stat interest ? Your IP should be able to advise you too .... It would be nice to think some would be returned, however just think of the interest that has been forgotten by your creditors over the duration of your ....£000's will have been saved.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thanks for your replies. I have spoken to my I.v.a. Company today and they are waiting to get 2000 pounds back from one of my creditors who they overpaid! This means if I pay stat. Interest of about 1900 pounds there is still about 2000 left in the account. The person I spoke to was unsure of what will happen and said they would let me know once they get the money back from the creditor.
