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How much will I be paying back?

Posted: Fri Jun 28, 2019 8:37 pm
by Rlh1994
I have just completed my first I&E review, it's looking like (all being well), our payment will be increased due to job changes etc.
I was hoping someone could work out how much the full total I should pay will be, as what I will end up paying with be over 2x the original debt, I am with aperture and intend to query this once I&E confirmed, but would just like someone's expertise :)
So my total debt amount is: £6753
IVA fees: 3204
Contributions up to now: £1100
After I&E: 45x£248 = £11,160
After car finance: 4x£480=£1920

Therefore, I will be paying back approx: £14,180

Likely to increase through next I&Es due to annual wage increases, completed qualifications and lower outgoings(childcare etc)

Would just like to know if this seems reasonable or is it likely we will have paid 100% before 5 years is up?

Thanks in advance

Re: <t>How much will I be paying back?</t>

Posted: Sat Jun 29, 2019 4:28 am
by luluj
What was the total debt before IVA approved?

You will always be liable for the full debt plus IP fees and possible statutory interest.

As your income increases and expenditures remain or go down, your payment to the iva will fluctuate.

Your iva will end at such time as the agreed period of months is reached or you have paid 100% of debts plus fees and poss Statutory interest.

Re: <t>How much will I be paying back?</t>

Posted: Sat Jun 29, 2019 10:22 am
by Foggy
So original debt plus fees is around £10k, which sounds about right. Statutory interest will kick in at 8% p.a ( so, in the first year around £500).
You have paid £1100, so that would be around £9,400 to go.
Next year you will pay about £3k and added another £500 interest, so £6.9k to go
Year 3, another £3k off and £500 on -- £4.4k to go
Year 4, same again, £1.9k to go
Final year -- you should hit the total repayable to settle 100% debt, fees and interest in a few months. So finish early.

Remember these are very quick and very rough figures --- also the statutory interest amount will be reducing ( it is simple interest calculated on the debt balance remaining, on a daily basis ). With increasiing regular payments you might well finish even earlier.

NB: This is all based on the assumption that your total original debt was £6.7k.

Re: <t>How much will I be paying back?</t>

Posted: Sun Jun 30, 2019 8:43 pm
by Rlh1994
Thanks for your replies, 6.7k was the total amount of debt going into the IVA, so fingers crossed it looks positive that we will pay 100% back and perhaps even a little early which would be nice!
Thanks again!

Re: <t>How much will I be paying back?</t>

Posted: Sun Jun 30, 2019 9:09 pm
by kallis3
Good luck!