chloe wrote:I asked the IVA company and they informed me of what I had left on the original debt.
They have just said they don’t know how much their fees and statutory interest I will have to pay once I pay the creditors off.
In the long run then can you pay more then your original debt?
You can do, if you ignore the interest the original debt would be accruing over the term. In most cases, paying the debt, fees and statutory interest would come in at less than the debt and contractual interest. However only a very small proportion of people get to that point.
chloe wrote:What do u mean by the IVA figure?
By "IVA figure" Kallis means the amount you have agreed to pay during the IVA. Many people with, say, a debt of £60,000 have agreed to pay, over the term of the IVA, a total of, say, £20,000 .... and they then say "I owe £20,000" .... but .. no ... they still owe £60,000. Only when the IVA finishes and they have paid the agreed £20,000 will they be "let off" the rest of the debt.
Yes my original debt was £15,111
I’ve paid £11,321 so far into IVA.
But I’m confused because at one stage I was paying £537 a month. But if I did continue to pay that surely I would have finished before 5 years?
I have asked for them to send me a copy of my IVA proposal.
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