If you check your proposals/modifications it will say in there whether interest is to be applied. I take them out of my debtors proposals but sometimes creditors insist on putting them back in. You can always ask creditors to vary the proposals to exclude interest but they might not vote in favour.
It's been a few weeks now and I'm still no wiser. I'm confused here, so please bear with me...I'm using approximate figures...
Total debt in IVA £8,900
payments to date £5,400 (@ £200/month)
PPI refund £8,400
So in total, £13,800 has been paid into my IVA. My dividend on my last statement (June 2014) was 93.94%.
Spoken with Payplan today and asked for an up to date statement (which I got the impression they didn't want to give me), and the dividend INCLUDING the PPI refund is now 89.48%. Firstly, how can the dividend go down? Secondly, they have told me that if 100% dividend is reached, my creditors would expect all charges and interest to be paid as well. I think statutory interest is applied in my agreement, but even so, this seems like Payplan are moving the goalposts a bit. Can anyone please advise me how they think I should proceed? I asked if it would be worth offering payments to date as a full and final, but was advised that it would probably be rejected if the creditors think they can get more back if I carry on paying the IVA.
To be honest I cannot work this out either so you should ask Payplan for a full receipts and payments account. This will show what fees and costs have been charged to the case, what dividends have been paid out and what cash is still in the bank.
It seems a low amount for an IVA and in a DMP you would have repaid in full by now [with change]. Given that Payplan provide a 'free' DMP service why did you enter an IVA in the first place when even without the PPI you would have repaid in full in less than four years?
The original debt was just under £12,000, but Wonga was written off completely bringing the total debt debt down. Also, I wanted the security of an IVA compared with a DMP.
No, it doesn't make sense to me either, I thought I was being dense. I've asked for a full breakdown from them. I had already asked for a statement, but it looks like that request was disregarded. It just seems like I have paid enough to achieve 100% and fees & interest, but the goalposts have suddenly moved. I'll keep this updated, just in case anyone else has a similar situation, because I know Barclaycard are looking at thousands of previously declined PPI claims.
You won't know how they have arrived at their figure until you get the full breakdown but it could just be something as simple as creditors claiming more than you originally listed or the costs being higher than you have allowed for.
Well, just thought I'd leave an update to this... I have one more payment of £17.76, then my IVA is completed 2 and a half years early at 100p in the pound! It's come just at the perfect time as the wife has to go into hospital on Monday for an op which will see her off work for 6 weeks on SSP. I can't tell you how happy I am right now. Thanks for the advice and info from everyone here, and remember that there's always light at the end of the tunnel!
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
I just kept asking the questions, they must have got fed up of me. They did say there would be a delay with the CC due to the PPI court case, they said it was due to be heard in May, and it was just down to some wording of some sort. I've got another potentially big PPI claim pending which will all come to me eventually, but will go first to Payplan as per the terms of the IVA.
My advice after all this is to just keep on asking questions if you're unsure of anything, they were actually very helpful.
Me again... Today I received my Completion Certificate! Totally unexpected, as Payplan did tell me it wouldn't be issued until after the PPI case had been heard. Absolutely made up!
