Paying back more than I owed

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jrp

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Post by jrp » Thu Jul 16, 2020 5:43 pm
By the end of 2020 I would have paid 7146 which was my total debt. I had a agreement with unity that I only had to pay 6100 over 6 years I am only three years in but the IVA company want me to pay 277 for another year this is going to bring the total repayment up to 10470 is there anything I can do about this as its a huge amount considering my total debt is 7146

kallis3

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Post by kallis3 » Thu Jul 16, 2020 5:46 pm
You will also have been paying fees and possible statutory 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.
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Foggy

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Post by Foggy » Thu Jul 16, 2020 6:02 pm
The max you can pay is the total debt plus fees and possible statutory interest -- if this amount is hit early the IVA will end early. The £6k quotes was an eastimate, not a set figure.

This may be less that the total debt would have been to clear if the contractual interest was still running.

I have to say that an IVA for £7k debt is a bit of a heavy sledgehammer for a modest nut !
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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