I have 8 months left on my IVA , is it possible at the end of the 5 years you could have paid back more than what your initial debt was for ? I have a lot of overtime at times .
The maximum you will pay back will be 100% of the original debt, plus fees and also possibly statutory interest at 8% (although some arrangements exclude this). Bear in mind that this total is likely to be less that you would have paid to clear the debt whilst the contractual interest was being added.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your IP could provide an up to date receipts and payments account for you showing exactly how much has been paid to creditors. This should also be on your annual reports so it would give you an idea of whether your IVA will finish early or run the full course.
