I'm new to this IVA forum so not really sure where to introduce myself or anything, thats why i'm writing in this topic.
I started my IVA in October 2016 - My IVA is due to be completed in November 2021, But should finish early im awaiting a phone call of them as i am paying 2,000 more than i owe on my IVA and there not sure why so once i've had this phone call I should have either a reduced monthly payment or my IVA should finish in 2020 or something
I got into debt 5300 as i crashed my motorbike in 2016 and lost my job due to this and couldn't afford the payment on the finance which was around 3300 ... the rest of the debt is due to credit card and small loans and stuff
Hoping to get some help in here if i have questions or something look forward to learning more stuff about IVA's
Have you had a change in income which has meant increased payments ? Or a windfall that has been taken into the iva pot ?
You will always owe the full amount of original debt plus IP fees and possible statutory interest - once you have reached this level of payback your iva will end - you would not continue to pay beyond that !
As Luluj says -- you always owe the full original debt, plus fees and possible statutory interest during the IVA. It is only when you get to the end that anything unpaid is written off. Your agreed montly payments are not what you are limited to paying --- you also have to pay in any extra income you get, PPI refunds, windfalls and the like which can increase the amount you repay to your creditors.
I have estimated costs standard at 15% but this may not be the case in your IVA and may be the sticking point. Doesn't allow for any outlays, or any outstanding Nominee fees.
I've just got off the phone with creditfix ... there calculating how much is left to pay as i've already paid around 1,500 , there calculating how much id pay until 2021 then there going to either reduce my payment or finish it early
because they even said on the phone when i spoke to a supervisor that i shouldn't be paying 7,500 so hopefully once i get the email today then it will get sorted
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