Will I still have to do 6 year IVA?

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BAXBEV
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by BAXBEV » Thu May 31, 2018 1:21 pm
Ive been my IVA for 4 year nearly now i pay £347.00 per month on a £26000 debt, last year and this year i have paid in extra money due to overtime approx £5000.00 over the last 2 years, do you think i will still have to go to the 6 years on my IVA if i have made all these extra payments? when i look at what has been paid to my creditior it no where near the £21000.00 i have paid in to the IVA so far, by the enfd of the 5 years i will nearly have paid in £25000.00 if not more
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kallis3
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by kallis3 » Thu May 31, 2018 2:41 pm
Hi,

You will always owe the full amount of your debts plus fees until the end.
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Lisa Thomas
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by Lisa Thomas » Thu May 31, 2018 2:42 pm
Assuming 8% interest for 4 years is applicable plus say 15% of costs then you would need to hit c£40k before you pay everything off in full.
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