Foggy wrote:The IVA will end early when you have paid in the full original debt, fees and possibel statutory interest. How much was the original debt, and how much PPI was paid (remember only a fraction of the PPI refund actually gets to the IVA after the claims company fee (typically about 30%) has come out)?
Hi My original debt was £5482.69 so far i have paid back £1200 and had PPI of £5862.87
Anyway on a debt of £5482, to clear the lot, you would need to pay in around £8,000 plus statutory interest ( about £430 a year). So far you have paid in £1200 and about £4100 of the PPI, so £5,300. As interest is on the reducing debt balance there won't be much more of that added. At a guess you are looking at paying another £3,000 ( about 3 years ) .. so the IVA could end a year early as a guesstimate.
What is annoying is that, if you claimed the PPI yourself, before starting the IVA you could have paid everything off in one go.
Who is your provider ?
alison776 wrote:Hi I wish i had gone through the PPI myself, I do feel like i was mislead as i used to be with ideal debt solutions and now im with creditfix as they said all the time im with ideal debt solutions im being charged but with the amount creditfix are taking it dont seem much better
Did Creditfix buy your case from Ideal? Are you sure that you are in an IVA or is it a DMP (Debt Management Plan)? Most firms charge much the same as each other for an IVA.
Foggy wrote:There are two ways to finish early :
Settlement - which means paying everything owed. And:
Full and Final - which means paying an offer based on payments outstanding.
In your case there is not a lot between them !
With the information i have given you can you advise on what would be an amount to offer
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