My wife and I have joint depts of £59837 and have been in an IVA for 3 years and 8 months, to date with a lot of hard work our total payments inc bonus and overtime totals £59655, my question is will the IVA finish when all the dept plus fees have been paid in full or will it still continue in it's current form for the full 60 months.
Hi. Much will depend upon whether you need to factor in Statutory Interest. This will be mentioned in your paperwork. It seems perverse that, if you manage to pay back the lot plus fees, you get penalised this way. Fortunately newer proposals exlude interest.
Anyway, if you hit, total original debt, plus fees and possible interest the IVA will conclude at that point.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
