Could I be paying back more money then owes?

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Sleepybunnie

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Post by Sleepybunnie » Fri Jan 15, 2021 9:37 pm
Hi, I have a quick question:

Say for example if I owed £10,000 and was making monthly payments which meant I would then pay £7000 at the end of my 5 years but then between all of this I get bonuses every year from work and a payrise every year and then calculated that if upon getting my bonus and pay rise that take half and any extra income that then I would be paying £20,000 is this right? Could they still continue to take half of my bonus every year and any additional money I get from a pay rise?

kallis3

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Post by kallis3 » Fri Jan 15, 2021 10:18 pm
You will never pay back more than your original debt plus fees and possible statutory interest. Once you hit that your IVA will be completed.
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

Sleepybunnie

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Post by Sleepybunnie » Sat Jan 16, 2021 7:46 am
Thank you for replying.

What is statutory interest ?

kallis3

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Post by kallis3 » Sat Jan 16, 2021 8:35 am
It can be charged by your IP company and usually runs at 8%. Not all companies do it though.
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

Fizper

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Joined: Wed Mar 04, 2020 7:20 am

Post by Fizper » Sat Jan 16, 2021 11:11 am
Hi,
I've just had a refund from my IP as I had paid more into the IVA than was owed + fees. My last (72nd) payment was in October and refund was paid last week. They are in the process of issuing completion cert.
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