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asdadavy
- Posts: 14
- Joined: Thu Oct 18, 2012 8:00 pm
- Location: United Kingdom
Do you pay intrest on iva cos i looked through paperwork and found out of the £32k i owed i paid back £21k but total owed with intrest was £49k.
Just my ppi i was told i could get upto £21k so would i see any of it?
dave smurthwaite
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IVANotOverYet
- Posts: 172
- Joined: Sat Jul 28, 2012 5:49 pm
- Location: United Kingdom
If you owed a total of 49K (including interest, or fees?) and have paid 21K, another 21K will only get you to 42K total paid in, so you'll see nothing back.
During the IVA you always owe 100% of the original debt plus fees until completion, so any additional funds will always be used to increase the dividend to creditors until you have reached the 100% threshold and paid IP fees and disbursements.
IVA Completed!
Final payment made November 2011.
CoC received 12/10/12.
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luluj
Forum Expert
- Posts: 11333
- Joined: Sun Dec 09, 2007 6:54 am
- Location: United Kingdom
Asdadavy....bumping this Back to the top so an expert can answer your question.
You will always owe 100% of your debt, plus IP fees and possibly statutory interest, although dependant on the terms of your IVA.
Sharing from experiences of dealing with debt
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