I have a Iva with total sums of £7766 including te Iva cost (I’m not sure what there called) I’m in my first year but when I took the Iva out I wasn’t earning a lot as a apprentice so I really struggled, now I’m earning more there taking £76 a week (which ads up to around £15000 after 4 years) if I Pay the full amount before the 5 years is up does the Iva end, I really need help with this as I’m really confused
kaine449 wrote:Thank you for the reply, so that means if the full on amount is payed including fees and interest within the 5 years by paying monthly it will end? If so that’s a great relief of my shoulders
That is correct. Have a read through your proposal and see if it mentions excluding statutory interest --- in mine the interest element was specifically excluded.
Lisa Thomas wrote:£7,766 with 5 years statutory interest at 8% per annum and costs (estimated at say 15%) will be close to c£13k but will really depend on the costs incurred.
I did speak to my Iva provider today and thy explained all this to me, I think I get it now hahah but thank you for the reply
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