www.iva.co.uk

We have had an IVA for nearly 5 years with 54000 of debt. We agreed to pay 23000 in full and final settlement a few months ago, but have had to reduce this to 17000 owing to personal problems. With this repayment and current repayments we have paid back nearly 59000, yet we have been informed by our IVA that because we only paid 17000 we might have to extend our IVA for another year. We are paying over £600 a month. By the time we complete 5 years we will have paid about 63000. Should they be able to extend this, seeing that we have paid so much already? How much will we be charged? We,ve already paid 5000 over.

HI Have you taken supervisor and nominee fees into consideration plus interest ?I am sure one of the experts will on in a bit to put you right

P

Hi
Your's is a strange case.
Was the 23k a remortgage as part of your IVA agreement in the final year ? Why can you now only raise 17k ?
The maximum that you can pay back is the original debt and IP fees[plus statutory interest in certain cases] so this may well be 63k in total.
What was the original dividend proposed ?