So my wage has increased and some of my expenditures are lower so i’ve sent over the details to my company. However when I’ve calculated it myself i can look to pay about 412 which is great!
However here is the issue
I owe another 57 months
I owe a total of £17,800
When you calculate the £412 over 57 months it comes to a total of just under £23,500
How would this work with regards to payments? If they know i can pay all my debts fully in the 5 years will they just divide the remaining amount and fee’s by 57? As i assume it wont come to 23k in total.
I can probably wait to see what they reply I'm just keen to know and get a budget together based off my new wage
During an IVA you always owe the full original debt, plus fees and statutory interest. The arrangement will continue until such time as you have made all agreed payments, or hit the full debt plus fees and possible interest figure, whichever comes first.
If your original debt was £17,800 the figure I mentioned above would be around £22,000, assuming no statutory interest. So at payments of £412, you will finish around 3 months early.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk