as my review has come up i was just thinking

[Carrieanne80]

I have an iva i was in debt for about twenty three thousand pounds as my review has come up i was just thinking about my payments and when i have added up what i have paid so far it works out that at the end of my iva i will have paid back more than i owed in the first place this doesnt make any sense to me as i thought an iva wiped out a percentage of my debt i have worked out i have paid back fourteen thousand six hundred and forty pounds so far and i have another two years to go i currently pay four hundred and thiry pounds a month even if my payments stay at this rate i will pay back another ten thousand three hundred and twenty pounds when added to what i have already paid it totals twenty four thousand nine hundred and sixty pounds i find this very confusing could you please explain why this has happend

[Lisa2009]

Hi and welcome

You will never pay back more than you owe plus fees and possibly stat interest. Once all that is paid, your IVA will conclude.
You should be very proud of yourself if you manage to pay back 100%

[thefsg]

Hello CarrieAnne80 and welcome

Don't forget without the IVA to get rid of the interest, you would have been paying interest on your balance, which have would have meant to pay £23,000 at £430 per month would take about 10 years.

The IVA is legally binding so it gives you protection from the whims of creditors or those who buy the debt from the original lenders.

Whilst I'm only in my first year at the current repayment rate I'll probably pay back 100% of my debt when the IVA is concluded.

As Lisa says, you should be proud of what you have achieved so far and keep going until you are completely debt-free.

[MelanieGiles]

I assume that when you borrowed the money in the first place, that the intention was to repay it in full - so am not sure why you are feeling disgruntled about this now. As Lisa says, you should be proud to be repaying the monies in full - I just hope that the IP fees are at a similar level to the interest charges you will have saved.

[ComeOnYouSpurs]

And not only has the interest stopped while you've been in the IVA, you have not run up even more lines of credit over the last 3 years. And be honest, you would have done. We ALL would have done..... it's what got us all into the situations we found ourselves in in the first place. Take heart that you are just 2 years away from being debt free. Well done, you.

[flow13]

We have a 100% iva and I am so glad we can pay it all back. It would have been nice to have some written off and paid lower, but we decided to take on the debts so we have to pay them back. And the people at the IVE companies have to earn a wage too. I just see that the fees replace the humungous (sorry for spelling) amount of interest that we would have been charged. But at the end of the IVA - which wont be long now - I know that we are 100% debt free.