i would have payed over the amount of debt

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
 
 

lewis.79

User avatar
Posts: 8
Joined: Mon Sep 20, 2010 4:52 pm

Post by lewis.79 » Mon Sep 20, 2010 4:52 pm
Hi, I am in the last few months of my iva and recived a letter a few monthe ago saying that i need to make additional payment of over £2000 as i have recived a pay rise. i asked them to review my status as there was a change in expenditure. i have been making over payments at the moment to avoid a larger some if this proves to be right. i am thinking that when i reach the end of my iva i would have payed over the ammount of the debt including the fees ect.... is this right..?? thanks for your help
 
 

liamjames

User avatar
Posts: 734
Joined: Mon Jul 27, 2009 9:58 am
Location:

Post by liamjames » Mon Sep 20, 2010 4:57 pm
Hi Lewis and welcome to the forum.

It doesn't seem fair, but I guess that nobody could have predicted the change in your circumstances at the beginning of the IVA.

Discuss with your IP whether or not the IVA will finish once you have paid 100p/£ plus fees, or whether you will also need to pay statutory interest before the IVA can be completed early. Most proposals do not require this.

Take care,
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

User avatar
Forum Expert
Posts: 76945
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon Sep 20, 2010 5:20 pm
Welcome from me as well.

You will never pay back more than your total debt including the fees. Did you mean that you would be paying back more than the fe stipulated in your IVA?
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
 
 

liamjames

User avatar
Posts: 734
Joined: Mon Jul 27, 2009 9:58 am
Location:

Post by liamjames » Mon Sep 20, 2010 5:46 pm
kallis3 wrote:

You will never pay back more than your total debt including the fees.
Depending on modifications or the original proposal, it's also possible that statutory interest is chargeable. But Jan is correct - once this is paid, then your IP should complete the IVA early. :)
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

luluj

User avatar
Forum Expert
Posts: 11243
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Mon Sep 20, 2010 10:25 pm
statutory interest can really impact on your figures...so best to seek this now so that you can be forarmed !

I have a further £20k to find due to inheritance - having paid 100% plus IP fees back - this has hit us ! We thought it was coming to an end and then this .........

speak with your IP to clear this up !
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”