Paying more than I owe

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Post by roberta » Mon Oct 15, 2018 5:59 am
Hi, my IVA started in Sept 2012 and was a joint IVA with my wife, we were originally with Melanie Giles,our total liabilities were £35.233 and the original paperwork from Melanie Giles stated that the total cost of the fees would be £9.092, so I assumed that the amount I would be paying (assuming I paid 100% of my liabilities) would be £44.325.
Not long into our IVA we were transferred from Melanie Giles to Creditfix, I have no idea why this happened but I assumed I would still be paying the same total sum that was previously stated.
Each year we filled out our I&E forms and each year our monthly payments increased.
Our IVA should have finished in Sept 2018 but we had 3 payment breaks over the course of 6 years, so my last payment will be in Dec 2018, and I have worked out that since our IVA started we have paid in over £49.000, plus we had a PPI refund of just over £7.000 and after the fees were taken there was over £4.000 which went towards my IVA.
So as you can see from the figures above, we will have paid approximately £53.000 when it ends in December, does this seem odd to you considering the original debt plus IP fees was £44.325
Also, according to Clearscore I have no IVA's/insolvencies on my account?
Many thanks for your time and I look forward to your reply


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Post by Foggy » Mon Oct 15, 2018 6:53 am
If you hit 100% of the total original debt you, as you know, start paying into the fees. You also start paying statutory interest at 8% simple, calculated daily on the reducing balances, unless, as is sometimes the case, the proposal excludes statutory interest (worth looking through your proposal as this is something CF might overlook). Also check that the fees, as mentioned in the proposal by Melanie were not amended by creditors in the Chairman's Report, as this is the overriding document. Finally, did you sign any new agreements when CF introduced themselves, possibly amending fees ?

Clearscore shows IVAs and the like in the summary page, rather than under court information like the others do and, to be honest the free reports aren't always up to date or accurate.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Lisa Thomas

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Post by Lisa Thomas » Mon Oct 15, 2018 8:50 am
Were the fees fixed or simply an estimate on a 'time spent' basis?

Very, very roughly (assuming 15% fees) then I would expect you to reach about £55-£60k before total debts costs and interest would clear everything in full.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: ... Z5k9ZcC2MA 01752 786800
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