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Posted: Fri Feb 05, 2016 5:27 am
by Hywel
I need some advice on an outstanding balance as I want to clear it off. I feel that IVA company is charging too much.
Posted: Fri Feb 05, 2016 8:14 am
by kallis3
Hi and welcome,
Can you give us some more details? Why do you think the company is charging too much?
Posted: Fri Feb 05, 2016 8:47 am
by FormerlyST1100
It probably depends on if you are asking them for the balance, in which case you will always owe the full amount of your debt + fees (around 15% or more) + interest (8%) less the amount you have already paid.
OR you are interested in knowing how much you can offer to make a F&F payment to end your IVA with money being offered from a third party (ie friend or family, etc), which would usually be the monthly amount you normally pay X the number of payments left to pay (including any extension due to equity). This "offer" can usually be reduced slightly as the creditors may prefer being paid as a one off up front than an extended monthly arrangement.
As Kallis says, more details and the reason would be beneficial.
Posted: Fri Feb 05, 2016 9:43 am
by Lisa Thomas
Where will you get the funds? How much will you pay if your IVA continued to its normal end date? Do you have a property with an equitable interest in it?
Your IPs charges were approved by creditors and effectively come out of their pocket/reducing their dividend so unless you are paying 100% of the debt plus interest plus costs in full it shouldn't really affect you.