Oh do you mean kallis if the 5 k is accepted and the amount paid is 29555 I won't get anything back. I don't want anything back I just Want to be free of the iva and my work were kind enough to gift an offer for me. I'm just getting a bit stressed coz it's 9 days to go.
The final figures don't matter - what does is that your iva company was prepared to put the offer forward and they wouldn't do this if they thought there would be major problems.
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.
I the £5k is accepted you won't get anything back but your IVA will be finished.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi - you owed £43k and I presume this excludes statutory interest and costs. The original dividend was only an estimate. Creditors will be receiving more than was originally estimated but still not as much as they are actually owed. Hopefully they will accept your settlement offer. You will not get any money back unless you paid everything off in full which would be c70k by my calculations!
I'm sure you will be fine and it's not long to go now!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Don't worry about it - you will have had to pay fees and possible statutory interest to the IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Your original debt was £43k but when you add on 8% statutory interest for 5 years and estimated 15% costs then the total sum to pay had you received a windfall etc towards the end of the term would have been c£70k.
Your original proposals estimated that creditors would receive c£28k against a debt of £43k but this was an estimate only and the position has changed and they are receiving a little bit more than originally anticipated.
Hope that now makes sense.
You will not get anything back as you haven't paid off the £43k capital let alone the additional interest and costs.
what that seems so weird. I don't under stand where 70k comes from ????? my initial debt if id have left it with me just paying as I was , was 43 k why would it go from 43k to 70k !!! I only had a few loans and a mortgage unsecured loan with my ex
Anniearchie - please don't worry. Your IP is putting forward the best option and I am sure you will be ok.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Let's say you won the lottery tomorrow and you won £100k.
Your IVA proposals would very likely include terms that say you have to pay interest on the £43k debt plus all the Supervisors costs.
I have very roughly worked out that the total would then amount to c£70k.
But this doesn't matter to you because you haven't won the lottery!
You are offering a settlement to finish your IVA early. Given that creditors are receiving a little bit more than they were originally expecting I hope they will vote favorably.
