Hi I’m really un happy with my current Iva, it started in July 2016 with Harrington brooks. I few years later they got taken over freeman and jones. When I started the Iva I had around £6000 and was really struggling with high interest loans and credit cards. So when they offers me an out, by paying them only £60 for 14 months then 86 for the reminder I bit there hand off. But nearly 5 years later and after getting 2 ppi claims I still have 2 years left on my Iva. I feel I was Mia sold my Iva and should of been on an debt management program. If I was I would now been free of debt. Harrington brooks/ freeman jones added £3500 to my debt.
You always owe the full debt prior to your iva plus IP fees and possible statutory interest.
Why do think you were miss sold ? The IP fees would have been listed at the outset and in your creditors proposal and chairmans report.
PPI claims that are successful go to creditors to increase the final return to creditors at the end of the iva. Your iva will end early if you have paid the full original debt, plus IP fees and possible statutory interest ...
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
At around £80 per month ( which is what you agreed was the best you could afford) on average the £6k debt would have taken over 6 years to repay, assuming that all creditors agreed and that they froze interest (which they do not always do). So, you would have been no better off financially and you would have had no legal protection frm enforced collection.
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