Is it normal to repay more than you owe in an IVA?

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robert508

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Post by robert508 » Thu Mar 21, 2019 1:58 pm
I have just made a final payment to Varden Nuttal of £6254. this brings the total to £17,378 paid back.The original debt was £10.115. does this seem like a high repayment figure,or is this normal?

kallis3

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Post by kallis3 » Thu Mar 21, 2019 2:37 pm
You will always owe the full amount of your debt plus fees.
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.
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Foggy

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Post by Foggy » Thu Mar 21, 2019 2:37 pm
If you are able to you can repay more than the original debt as fees and statutory interest would be factored in, but this figure is still likely to be less than the original debt and 5 years contractual interest would have been.

Very roughly, on a £10k debt I would reckon that the amount required to pay debt, fees and interest over 5 years would be around £17k, so their figures seem to be of the right order.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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MerlinL14

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Post by MerlinL14 » Thu Mar 21, 2019 6:46 pm
You will never pay more than you owe other than the fees for your IP. You could pay more than what was initially calculated during the proposal period based on your Income and Expenditure review.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

kallis3

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Post by kallis3 » Thu Mar 21, 2019 6:51 pm
Don't forget you will have saved a fortune on interest.
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

Ryan

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Post by Ryan » Fri Mar 22, 2019 9:43 am
Interest rates on credit cards, etc are scandalous and as Kallis says you'll have saved a lot of money on that by entering into the IVA. Lenders know how hard it is to repay credit cards once they have a sizeable balance on them but they make a fortune from them...….
Ryan Radford
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