I started my IVA four years ago with one year left to go .
Due to my circumstances changing in this time I am now earning a good wage and paying back 100p in the pound.
My original debt was £15,300.
I have had a letter today from my debt management company saying , that to date I have paid £13,596
and I have £6,538 to pay ?!!!.
This will bring the total I finally pay to a whopping £20,134.
I understand there are fees to pay , but is the amount they will finally take legal.
It seems they are making money on my circumstances improving and the more I earn the more they take (15% of a higher monthly payment)
This seems so wrong when all someone in debt wants to do is get it clear and move on, where's the incentive to improve your circumstances, get a better job and pay back more.
From January I am paying £630 per month so should have it paid by October (before the 5 years) but gutted in total I would have paid £20,134
Anything I can do ?
Looking at the figures you quote it would seem that you have got off lightly -- they do not appear to have charged statutory interest, which many firms can, and will, do. This would have added a further £6,000 to the bill !
How much are your contributions? I presume you have c12 months of payments left or is there a property to take into consideration for a potential extension?
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