Total debt £16.7k, paid till date £6.5K. My IP is asking £19.5k to pay off IVA!

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teresa765
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by teresa765 » Tue Jan 23, 2018 12:52 pm
I am half way through my IVA. I took the IVA out across 6 creditors for a total of £16.7 k. To date I have paid £6.5k back. I'm now in a position to pay this off but my IVA practitioner has asked for £19.5 k to do this, yet my total debt was only £16.7 and I've paid £6.5 already.
I was always clear with my practitioner that I would be looking to pay it off after 3 years but I was never told that frozen interest would be added. Please help!
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Foggy
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by Foggy » Tue Jan 23, 2018 1:13 pm
teresa765 wrote:
I am half way through my IVA. I took the IVA out across 6 creditors for a total of £16.7 k. To date I have paid £6.5k back. I'm now in a position to pay this off but my IVA practitioner has asked for £19.5 k to do this, yet my total debt was only £16.7 and I've paid £6.5 already.
I was always clear with my practitioner that I would be looking to pay it off after 3 years but I was never told that frozen interest would be added. Please help!



You are asking the wrong question / making the wrong offer.

The figure your IP is quoting is a settlement figure -- that is: to pay of the full original debt, plus fees and statutory interest.
What you need do is make a full and final offer --- that is: monthly payment multiplied by the number of payments remaining, possibly rounded down a little. If you own your home you will have to add 12 months.
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Lisa Thomas
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by Lisa Thomas » Tue Jan 23, 2018 2:30 pm
You say you are 'now in a position to pay this' - how?

Where are you getting the funds from to be able to pay it off?

https://youtu.be/h4dozq9aGak
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