I’m paying 105p in the £

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craig918
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by craig918 » Thu May 10, 2018 5:34 pm
Hi I’m paying 105p in the £ because I had ppi refund so my Iva should finish 6 months early with me repaying my debt in full my question is why should I have to do my annual review as Iv had a large pay increase and you don’t really gain anything from paying it off early credit rating screwed for 6 years anyway🤔
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MerlinL14
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by MerlinL14 » Thu May 10, 2018 5:43 pm
The bottom line is that doing the reviews is part of the IVA contract you signed up for. Things happen when in an IVA that just can't be forecast, we just have to suck it up and comply. You can of cause refuse and take the consequences if you feel that you are being treated wrongly. It really does grate at times when your life changes for the better but you have already made commitments, but your IP holds all the cards and if you are required to carry out a review then you must comply with the instruction.
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Foggy
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by Foggy » Thu May 10, 2018 6:13 pm
Your IVA will not end early if you repay the debt in full -- it will if you pay the debt, fees AND possible statutory interest.
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Lisa Thomas
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by Lisa Thomas » Fri May 11, 2018 8:30 am
Does the 105p/£ include all statutory interest at 8% from start of the IVA?

Will all costs have been paid in full too?

Only then would your IVA end early. If you have standard interest clauses you could propose a variation to ask creditors to waive their right to it but sounds as if they have already had some being the extra 5p/£.
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