Can i pay too much?

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Kim270688
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by Kim270688 » Sun Apr 29, 2018 7:05 pm
I owe 5,900 in debt i know you always owe the full amount of debt and then there's fees etc to pay but I was just wondering if in my review my circumstances had changed and they adjusted my payments which meant I'd be paying more then my debt and the fees what would happen? Would they just take the over payment? Or would my IVA finish early? (I also know it stays on record for 6 years no matter what) thanks, Kim
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Foggy
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by Foggy » Sun Apr 29, 2018 7:11 pm
Kim270688 wrote:
I owe 5,900 in debt i know you always owe the full amount of debt and then there's fees etc to pay but I was just wondering if in my review my circumstances had changed and they adjusted my payments which meant I'd be paying more then my debt and the fees what would happen? Would they just take the over payment? Or would my IVA finish early? (I also know it stays on record for 6 years no matter what) thanks, Kim


If you hit full debt repayment plus fees and statutory interest the IVA will end at that point. On a £6k debt, that would be a figure of around £10,300. The earlier that happened the smaller that total would be as the interest would stop running earlier.
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