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Hello experts,

I'm in the third year of my IVA and have a question.

When I started my IVA one of the companies I owed money too quoted the amount I owed as including all the interest and charges that i would of paid if i had seen the loan through to its natural end is this normal and allowed?

I raised this my IP at the time of setting up the IVA and they said to just get the thing setup first to get them off my back and then they would look into it afterwards but then nothing was followed up (as much my fault as anybody elses!)

many thanks

S

Hey Shaun, welcome to the forum. Yes that is usual but I don't understand your IP's response. Your IP will have received all the creditors claims in the IVA at the beginning, are you having any problems now? Please wait for Melanie to advise.

Your IP has a duty to agree the claims of creditors, and that does not mean just accepting what they say is due! Some companies are entitled under their contractual documentation to "front load" the interest on debts, so that might be why the claim has been accepted on this basis.

If you are concerned that this has not been properly addressed, you shoudl contact your IP directly.