www.iva.co.uk

Hi, I have been in an iva for 2 years now paying 210 a month. So paid around 5,000 so far. I've just been asked to increase that to 400 a month. So another 36 months is another 14,400. My annual report received today states the total agreed claims come to 14,885. And by my workings out, I'll finish having paid a total of around 19 and a half thousand. Meaning I'll have overpaid by around 4,515. I'm assuming that goes towards fees for the iva people. Does this sound right, or does it sound excessive? And also, they've said if I have any further wage increases, they can increase my payments again. Which I think sounds like I'll be overpaying, if I'm not already. I understand I can afford to pay back what they're asking, and if I can pay back 100% of what I owe then I should, but do these calculations seem justified at all, if someone could put my mind at ease that'd be great. I have asked my iva company but they're saying it'll take 5 days to respond and I'm kinda worried about this now.

Figures suggest that the iva solved your immediate problem at the time but may not have been the best solution.

However hindsight is always 20 20.

You need to ask if statutory interest is being applied as that will impact the most.

Otherwise you repay 100p in the £ plus supervisor fees plus any other admin charges.

Yeah there was no way I could tell 2 years ago that I'd be getting such a large pay increase otherwise I'd have just paid my creditors myself I guess. But as you say, that's hindsight for you. My slight concern is that they're saying if I have any more pay rises to inform them so they can take even more off me, which suggests to me they haven't worked out how much I'm actually paying back, only what I can afford to pay back.

If you repay 100p plus fees the IVA will end so any further payrises should shorten the term of the IVA.