www.iva.co.uk

we have been in an iva for 36 months and in the next 4 months we will be able to pay off all monies owing as my husband is coming into an inheritance, can our creditors add interest to our debts and on our original paperwork from the IVA it says that the IVA fees cannot exceed £3321.60 is this all correct.

Hi, if you pay 100% of the original debt, plus statutory interest (possible) and the IP Fees that if stated should not exceed x then they shouldn't. You will be debt free.

Unless statutory interest has been excluded ( as it was in my proposal ) then it will be added. Your IP could, however, ask the creditors to release you from this obligation, which will save a bit if they agree.

The stated IP fees ..... do these relate to the Nominees element, which is usually a fixed fee, or to the Supervisors fees (two different animals), which is usually, these days, a percentage of realisations ?

Hi Janet

Yes interest will be applicable unless there was a clause waiving it in your original terms OR you put forward a variation asking creditors to waive it.

If the Supervisors costs were capped then they cannot have any more without a variation - sometimes a variation will incur a fee too...