Who is getting the extra payment over my original debt? I am with Payplan.

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
Posts: 10
Joined: Fri Jan 06, 2017 3:33 pm
by dan40 » Sun Jun 25, 2017 1:04 pm
Good afternoon all
I'm in an IVA and as agreed at the start would run for 6yrs. I'm in the 6th yr with 7 months left to pay. My original debt was 30,649. I've paid 34,986 so far. My reckoning by the end of the 6th year I'll have paid around 37.500. Why would they need equity release when I'll have paid over 6k more than the original debt. I just want it finished. At the start payplan told me no interest gets paid it is frozen. Who is getting the 6k+ over my original debt. ???
User avatar
Forum Expert
Posts: 71455
Joined: Mon Mar 17, 2008 4:02 pm
by kallis3 » Sun Jun 25, 2017 2:45 pm

Don't forget there are fees to be taken into account as well.
User avatar
Forum Expert
Posts: 22910
Joined: Fri Dec 17, 2010 11:14 am
by Foggy » Sun Jun 25, 2017 3:47 pm
During an IVA you always owe the full original debt plus fees and possible statutory interest. On a debt of £30k, fees would be around £2000 Nominees fee plus disbursments, Supervisors fee of around £4500 and stat. interest of about £14,400 ----- so £ 50,900. Until that figure is hit, or the IVA runs it's course you need to keep paying.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 10 guests