www.iva.co.uk

Hi, we have completed our IVA, paying off 17k. We originally owed 13k and we are unsure if we are owed any money back? we have been told we still owe 50p in every pound! despite the fact our IVA has now ended(they say the extra is due to paying their workers wages!). We have also been told we should not have had to pay back more than we owed!

Hi and welcome,

You will always owe 100p in the pound plus fees and statutory interest.

Why have you been told that you still owe more - and somebody is taking the mickey saying it is due to the workers wages!

Which company are you with?

Paying back £17k on an original debt of £13k is not over the top -- as you do always owe the full debt, plus fees and statutory interest (which would come to more than the £17k. Most people never get near that mark, so it is never brought into question. Anyway --- if you have made all contractual payments ( including having equity dealt with) there is no more to pay and what is unpaid will be written off.

I have 4 payments to pay but will probably only have paid half of what debt I had. What will happen to me???

Once your IVA is completed then that will be it. All debts remaining will then be written off.

Thanks kallis. You have made me feel a lot better