I am seeking some advice in regard to an IVA programme that I have been in since June 2005. According to the terms and conditions and my understanding of it. I was due to pay a total debt of £18,000 over a 60 to 63 month period. From my own calculations that I have extracted from all my bank statements over this time frame I have made a total payment of £22,290.00. What grounds do I have if any to reclaim or terminate the programme with immediate effect.
Hi Trevor, is the 18k the estimated repayment amount calculated for your proposal or was it the full amount you owed to creditors. Debt is wiped off at the end of the Iva rather than at the beginning; so the more you can afford to pay the less will be written off. You would only be able to reclaim any money in excess of creditors receiving 100p/£ plus statutory interest and ip fees. Sounds like you are overdue to stop payments. Are there any payment breaks or payments in lieu of equity that would extend the term of your iva? I'm not sure whether you can reclaim payments made after the end date if they are the result of an administrative oversight. I'm sure one of the experts will know. Get on the phone to your ip to find out why you're still paying and when you can stop. Congrats on a successful iva!
You will always owe the full amount borrowed until your IVA is completed when anything else owed is written off.
I get the impression that the 18k is what was estimated that you could afford to pay back.
Don't forget the fees as well.
You do need to speak to your IP as soon as possible to get this clarified. Which company did you use?
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