Paying off the debt

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andy692

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Post by andy692 » Tue May 11, 2021 6:57 am
I have an iva that's been running 18 months.
The figure owed is over £50,000
If I were able to pay off the full amount what wou
D I pay?
Is it the debt, plus the fees advised in the paperwork?
It seems to suggest the fees would come out of the payments made.
Also I see on other posts comments about statutory interest, is that due also?
My paperwork doesn't mention it.

kallis3

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Post by kallis3 » Tue May 11, 2021 7:01 am
If you want to make a full and final offer it is usually the amount of the payments you still have to make. Fees will already have been included in those.

If you make a settlement offer you will need to pay off the total amount of your original debt, not just what was owed to the IVA.

Where would the money be coming from? Statutory interest doesn't always apply.
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

Foggy

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Post by Foggy » Tue May 11, 2021 7:03 am
You can 'pay it off' by one of two methods:

A Full and Final Offer -- this is based on agreed remaining payments plus 12 in lieu of equity it you are a homeowner. Or,

A full settlement -- this is based on the remaining original debt, plus fees and possible statutory interest. Interest is usually only referred to in the proposal if it has been excepted. However, creditors are often simply asked to forgive interest and. most times, seem to be agreeable.

In the absence of either of these the IVA will run until either the term is completed or the settlement figure is reached.
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
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