Due to unforseen circumstances in 2009, We entered into an IVA in 2010 owing £28,603, my wife had a few Health issues during this time, we were informed that the IVA will end July 2018 the last payment on 1st, having not heard from the company NTF since the 5th of April asking us to do an HMRC tax check, having already checked other ways of getting more money from us, having now paid well over 100% of what we owed £36,234, Why do they still insist on trying to get more, surly this is wrong !!
In an IVA you always owe the full original debt, fees and possible statutory interest. On a debt of £28.5k, this would amount to roughly £52k (including interest overt an 8 year period). The IVA will not end until it's contractual term is completed, at which point anything unpaid is written off, or this figure has been reached.
Why was the IVA for 8 years originally ?? They are usually for a 5 or, sometimes, 6 year period, which can be extended by 12 months if you have equity you are unable to release.
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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