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Posted: Fri Aug 19, 2016 6:19 pm
by Farah.42
I am considering on terminating my iva and paying my debtors in full as i owe £1658 but my iva wants £300 + a month as my wage has increased , as i have 9 months remaining this totals to £3000+! Can anyone advise me
Posted: Fri Aug 19, 2016 6:29 pm
by Foggy
I would advise you continue with the IVA. If you terminate it the creditors can add back lost interest and the original debt will increase.
When you say you "owe" £1658 ... is this what you would have paid at the current rate, or have you paid in your full original debt, plus fees and statutory interest, less the £1658 ?
Posted: Fri Aug 19, 2016 6:31 pm
by ginger323232
There no guarentee the creditors will accept this - you may also find they may start to load the interest and charges on this, and it opens up the possability of recovery action ie CCJ etc.
You will always owe the original debt/fees and possible interest
Posted: Fri Aug 19, 2016 6:51 pm
by kallis3
Creditors probably won't agree it and you may end up having to pay interest back again.
I would also advise that you continue - that way at the end you will be debt free.
Posted: Sat Aug 20, 2016 3:49 pm
by Michael Peoples
Finish the IVA and you will be debt clear but there is no guarantee this will be the case if you cancel.
Posted: Tue Aug 23, 2016 10:40 am
by Lisa Thomas
You are risking recovery proceedings, including Bankruptcy and risking losing assets, such as your home, if your fail the IVA. Creditors may also insist upon statutory interest. Take care when making this decision.
How long do you have left on your IVA?