The official 5 year anniversary of my IVA is August next year. I've had a couple of payment breaks due to my job situation which would add 4 months on. At the anniversary, I'll have hit 99% including fees, etc. Is it more probable that they'll finish the IVA at the anniversary, or do you think they'll stick it out to get 100%?
If your IVA promised to pay 100% of the debt and interest. after allowing for costs in full then there will be an extension.
As you have said you had a break I would expect you to have to make up for the missed payments, albeit once you hit the 100% plus interest and costs in full figure your IVA will finish anyway.
Thanks. I think I'll just forget August and late 2020/early 2021 in my head. One thing I would be interested in knowing. When I missed the payments, I think I was paying about £760 a month. I'm now paying £1769 a month. If I missed 4 payments, am I 4 x 760 in arrears or 4 x 1769?
I'm still hoping the ex will buy me out on the house but that's looking shaky at the moment.
I would expect you to have to make up the arrears - i.e the £760 BUT if you are heading for a minimum of 100% repayment (including any interest and costs) then the figures will be academic to finish early, you will have to pay everything off.
One way to bring the figure down a little is to check the interest point. If its applicable you might be able to put forward a variation asking creditors to waive it.
...but bear in mind creditors could refuse this and many IP firms charge of a fee of c£500 for a variation meeting so the costs could go up and you may not be better off - it depends on the figures.
Thanks for the replies. I think I'll just keep my head down. It'll be what it'll be and the stress of trying to get a variation will do more damage than living with the payments.
