font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by jayse21I agree that S.I appears to be excluded. The other paragraph does not contradict this exclusion as they are not entitled to S.I under the arrangement.
its GT and the original T&Cs were with Tenon. the wording is very confusing - on one hand they state "for the avoidance of doubt, statutory interest will not be payable", but then in another paragraph, they state "repay creditors in full with any interest they are entitled to under the arrangement" Can't find anything which contradicts this in GTs amended terms when they took over
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa ThomasAn interesting point. To my simple mind, as the Supervisor has been holding the monies in escrow, on behalf of the creditors, I would argue that the balance should reduce with each monthly payment.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by FoggyBut if say no dividends have been paid to date Foggy surely there will be no reducing balance as the creditors debts will have been o/s since day one?
I believe that the interest is simple, not compound, and calculated on the reducing balance, so will be less than the figures quoted by the calculator used above.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by jayse21Hi I know it doesn't seem fair but look at it from your creditors points of views - they are owed money and you've received a big lump sum but want to keep it and not pay it over. It might seem harsh but it's what you agreed to at the beginning of the IVA - that you would pay back what you could afford and with a windfall you can now afford to pay back more. Sorry this isn't what you want to hear.
ive been reading these posts and becoming more and more depressed. similarly to the first post, we are expecting a windfall which is probably about 25k more than what our original debt was - having paid in nearly 12,000, we were hoping to just send them the balance minus what we originally owed - if you then add on interest, by using your calculator link, we are unlikely to be free and clear as were were hoping - there must be some hope surely, as if we didn't have this, the most they would have received at the end of our 6 years would have been 17,000 in total. we don't find our iva that helpful and they are difficult to communicate with, which doesn't help. as we are getting on in years, we want to plan for our retirement, but with this hanging over us, we feel there is no end in sight!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by urbanfoxYes interest to the date of the IVA is frozen but then if sufficient assets are available and the IVA states its applicable then statutory interest is then due on the debts for the post IVA period to date of payment/s.
fortunately there was no mention of interest in my proposal so i had no need to pay it. Surely one of the selling points of an IVA is that interest is frozen - on this site "what is an IVA?" it states:
What is the Purpose of an IVA?
The IVA helps those in financial difficulties to make a formal proposal to settle their unsecured debt within a reasonable timeframe.
All interest and charges will be frozen to 0% and creditors will be prohibited from demanding additional payments
So if all interest is frozen, how can it be justifiable to then say OK, you have paid 100p in the £, have no debt written off but you will be penalised now and have to pay interest???? Makes no sense!
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