My IVA documents state an anticipated dividend of 100% based on payments made + equity release covering 100% debts plus estimated fees. I am in the fortunate position that due to pay rises, some bonus payments and PPI refunds I will have paid the 100% + fees figure about half way through year 5. I am currently in month 1 year 5. I have checked through all of my documentation and can find no reference to statutory interest. Is it possible that my IP will wish to add interest at this stage? Will my contributions cease once the 100% plus fees payment level is reached?
Once you can pay off your original debts 100p in the pound plus fees and possible statutory interest then you will be free of the IVA
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Statutory interest is often referred to in the terms and conditions applying to your IVA, rather than in the agreement itself, so might still apply. My arrangement specifically excluded interest by virtue of a small, insignificant sentence, easily missed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
There is no mention of interest in my documents. Simply a table showing payments to be made = debt + fees = 100p in the pound. I'm going to hit the payment level about Sep so hoping that will complete The Iva payments wise (subject to the timing rules that apply to the Insolvency register). Have I missed some clause that will trip me up?
If that is when you hit the 100p then you should be ok but you need to double check with the IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
