Can my friend finish her IVA early ?

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peter195
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by peter195 » Wed May 03, 2017 10:25 am
My friend is in an iva for about 2 years and has had extra money from them for a new bed and said she has an extra 8 months to pay because of this. Her step dad has mentioned he might pay it off if she can get a final figure for him, do iva's do this or would they just take the money, she had pointed which the company took and said she had to continue payments which actually means by the time she has done she will have paid more than her debt.
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kallis3
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by kallis3 » Wed May 03, 2017 10:52 am
Hi,

If she offers a full and final and it is accepted then it will cease and no more payments will be due. Usually a full and final would be the payments due to the IVA.
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Foggy
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by Foggy » Thu May 04, 2017 6:59 pm
A F&F will be based on the current monthly amount multiplied by the remaining payments ( plus 12 if a homeowner with equity). This figure can be rounded down a little to reflect savings made by the creditors in administration costs.
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Lisa Thomas
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by Lisa Thomas » Mon May 08, 2017 2:27 pm
How much are her payments and how long was her IVA due to last, to include an 12 month extension for equitable interest in a property over £5k (if applicable)
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peter195
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by peter195 » Mon May 08, 2017 2:53 pm
Lisa Thomas wrote:
How much are her payments and how long was her IVA due to last, to include an 12 month extension for equitable interest in a property over £5k (if applicable)


They are £80 a month and I'm not sure how long she got left I know she has a bit longer because they gave her some money to buy a new bed but she's had ppi claimed through them and by the time she will have finished paying including the ppi it's more than her debts now she mentioned this to them and got told it was for fee and the people handling her casefile
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Foggy
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by Foggy » Mon May 08, 2017 4:10 pm
peter195 wrote:
Lisa Thomas wrote:
How much are her payments and how long was her IVA due to last, to include an 12 month extension for equitable interest in a property over £5k (if applicable)


They are £80 a month and I'm not sure how long she got left I know she has a bit longer because they gave her some money to buy a new bed but she's had ppi claimed through them and by the time she will have finished paying including the ppi it's more than her debts now she mentioned this to them and got told it was for fee and the people handling her casefile


In an IVA you always owe the full original debt, plus fees and possible statutory interest --- this might come to more than the debt alon, but less than if contractual interest had still been running.

At £80 a month on a 5 year IVA --- are you saying her original debt was less than £5000 ?
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