I have been in an IVA for 3 years, i am wandering how to find out what i have left to pay on my debts. I cant get a reply out of the company and the annual report just tells me what the debts were at the beginning of the IVA. Is the balance of the IVA something the company can hide?
Unless you can make a full and final offer your debts will be written off at the end.
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
I understand thatn but why can't I see what's been paid/whats left to pay? How do I know if I can make an offer unless I know what there is left to pay?
Settlement --- this is the original debt, plus fees and possible statutory interest at 8% p.a less what you have paid to the IVA so far. This is not often used.
Full and Final Offer --- this is the number of remaining payments x your monthly amount and is the usual method
The IP will not know much about the balances on the debts and only goes by the original figures he was given. Creditors account for the dividend payments in different ways, some go off the balance, some freeze the balance and hold the dividends in a holding account until the end.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
