Are you paying off everything or offering a full and final settlement - they are 2 different things.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Statutory interest is unlikely to be added - the f&f is really a way of finishing the IVA whilst reducing the risk to creditors.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
A full and final is based upon the amount you offer and nothing is added. Statutory interest only kicks in in the event that you manage, one way or another, to pay 100% of the original debt. Often this liability can be excluded at the outset or by variation later.
For interest it is calculated at 8% simple on the reducing balance over the term of the arrangement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
