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Posted: Sat Jun 04, 2016 11:01 pm
by westie
My debts were £40,000 and fees stated as £8,900 on the summary sheet issued with my Iva and creditors report. The sheet anticipated equity release and used the phrase "payments offered £57,000". I have received pay rises, bonuses and PPI refunds that have meant I have paid the £57,000. I am part way through year 5. Does this mean no remortgage and payments can stop. I understand iva will stay on record for 6 years. Just wanted to be sure of my position when I contact my iva company on Monday.
Posted: Sun Jun 05, 2016 8:39 am
by Shining
Hi, once 100% of the original debt, plus IP fees, plus possible statutory interest (check proposal for this) - the IVA should conclude. Contact them and ask for a breakdown and hopefully this will show all paid in etc.,
Posted: Sun Jun 05, 2016 9:15 am
by Andy.75
Hi
Not sure on this one. My debts were 41k and would have been more had i not entered into the IVA with all the extra interest i would have paid. I paid back 31k over a six year plan which included about 8k in fees. My IVA started March 2010 and last payment made March 2016. Completion certificate came last week. Name has been removed from insolvency register and 99% of creditors have dropped off credit file so looks nice and clean
Posted: Sun Jun 05, 2016 9:17 am
by kallis3
Definitely agree with Lesley - once you have paid everything back plus the fees etc then it will conclude but you do need to contact the IP to check.
Hopefully it will!
Posted: Sun Jun 05, 2016 9:22 am
by lifenoteasy
You would need to hit around £60-65k to stop going into an extra 12 months.
Posted: Sun Jun 05, 2016 10:08 am
by Foggy
Check your original paperwork for references to statutory interest, which, if excluded, will make a big difference to the amount needed to hit the 100% dividend mark and stop the IVA running.
Posted: Mon Jun 06, 2016 10:26 am
by Lisa Thomas
Were the fees capped at £9k or is this just the fees to date or the estimate at the beginning?
Posted: Wed Jun 08, 2016 3:37 pm
by westie
My IVA company confirmed I have made sufficient payments to cover debt at 100% + fees and that no further payments are due. In fact they are arranging a refund of a small over-payment from this months direct debit. All confirmed in an email and discussed the completion certificate should be released within 2 months.Refund hit my bank within 2 hours of conversation. Great service.
Posted: Wed Jun 08, 2016 3:55 pm
by kallis3
That is brilliant news Westie!
Well done on finishing and good luck for the future!
Posted: Wed Jun 08, 2016 5:19 pm
by Foggy
Great news
Posted: Wed Jun 08, 2016 6:13 pm
by watzki
Congratulations,which company are you with
Posted: Wed Jun 08, 2016 7:28 pm
by westie
Not sure if I'm supposed to give names but perhaps moderator will remove if I'm out of order. The company is Bridgestones and I have had 4+ years consistently high level of support and advice from Paul....
Posted: Wed Jun 08, 2016 7:57 pm
by kallis3
No problem with that at all Westie.
Posted: Wed Jun 08, 2016 8:08 pm
by westie
It's a strange feeling after 3 years struggling prior to Iva and then 4+ sticking to I&E budget. A small glass of wine calledfor when I get home tonight. Thanks to all on the forum for their advice. I've monitored every week far more than I've posted but have found the advice and feedback on other posts so helpful.
Posted: Wed Jun 08, 2016 9:00 pm
by Foggy
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by westie
Not sure if I'm supposed to give names but perhaps moderator will remove if I'm out of order. The company is Bridgestones and I have had 4+ years consistently high level of support and advice from Paul....
It's always good to give a name to good service -- certainly helps to balance out the bad and helps people who are looking.