Hi, I am in the last few months of my iva and recived a letter a few monthe ago saying that i need to make additional payment of over £2000 as i have recived a pay rise. i asked them to review my status as there was a change in expenditure. i have been making over payments at the moment to avoid a larger some if this proves to be right. i am thinking that when i reach the end of my iva i would have payed over the ammount of the debt including the fees ect.... is this right..?? thanks for your help
It doesn't seem fair, but I guess that nobody could have predicted the change in your circumstances at the beginning of the IVA.
Discuss with your IP whether or not the IVA will finish once you have paid 100p/£ plus fees, or whether you will also need to pay statutory interest before the IVA can be completed early. Most proposals do not require this.
You will never pay back more than your total debt including the fees. Did you mean that you would be paying back more than the fe stipulated in your IVA?
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
kallis3 wrote:
You will never pay back more than your total debt including the fees.
Depending on modifications or the original proposal, it's also possible that statutory interest is chargeable. But Jan is correct - once this is paid, then your IP should complete the IVA early.
statutory interest can really impact on your figures...so best to seek this now so that you can be forarmed !
I have a further £20k to find due to inheritance - having paid 100% plus IP fees back - this has hit us ! We thought it was coming to an end and then this .........
speak with your IP to clear this up !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
