www.iva.co.uk

I have paid 49,487.70 into an IVA debt with DFD, the debt owed was 47.999, I have another 5 payments to make until October of this year at £853 each month. I have been contacted by the company for a redemption figure on my morgage to surrender £6500 from the equity if available from my morgage, I have supplied the redemption figure to DFD, six weeks ago not heard anything back yet. If I haven't got enough equity in the property are they likely to extend the term to cover the original £6500 that was required to be released from my morgage at the start of the plan. the agreement was to pay back 88pence in the pound. I realise sonme of the money paid in is to cover the IVA costs etc, but given that come october I will have paid in £53,752.70 can they take more money from me?

I think there's been a slight misunderstanding. Your agreement estimated you'll pay back 88p/£. You owe 100p/£ plus IP fees. Debt is only written off when the iva completes; not when it starts. So in answer to your question...yes, DFD can ask you to try to remortgaged in addition to your ongoing payments.

Hello Harry and welcome to the forum,with that sort of return you have paid,i would be asking your IP to conclude your IVA with monies paid in at the end of your term.If you had the equity to pay in then you would be expected to pay a extra 12 months,if you could,nt release it,but since you hav,nt then i think your IVA should be completed.

How much can they charge for the IP fees given that I will have paid in £53.752.50 into the IVA come October and if they take an additional £6500 from me on top off what I have already paid, that will be £60.252.70, which means the IP fees will be in excess of £22,254.70

How much were your total debts prior to entering the IVA?

That should have said £12.253.70 not £22,ooo

What was your total debt and what is the fee structure?

The total debt was £47,997, nominees fee £3000, Supervisors fee £4,500 and other fees £1,313. This is the amounts quoted on the original Arrangement.
I have paid to date £53.752.50, I have been in the IVA 5yrs and 5mths the IVA was extended by 10mths to recover monies I had agreed to release but became unable to. So it is due to end in October. The company requested a redemption figure from the morgage in April this year I am still waiting to see if they think we have enough equity in the property to release the £6500 on top of what I have paid in

It should work that if you have paid 100% of your debts plus fees and possibly statutory interest then the IVA would conclude.

I think you need to be prompting your IP that you are nearing this point and question when your final payment will be.

Getting my figures mixed up I have paid to date £49.487.70, I have five mths left on the IVA and I am paying £853 a mth. So come October I will have paid £53.752.70

I agree with Kazza that you should have a chat to your IP. If £47k is your original debt rather than the amount estimated in the iva then it looks as if you've pretty much repaid everything.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kazzafunk

It should work that if you have paid 100% of your debts plus fees and possibly statutory interest then the IVA would conclude.

I think you need to be prompting your IP that you are nearing this point and question when your final payment will be.

Advice as above still stands - you should only ever pay the above.

Congrats on paying it all back! x

Well done on your return - an excellent return to your creditors !
We were with DFD and we worked with them at the end of our IVA to agree an end date - I would give them a ring and seek clarification or email them with your figures broken down into what you have paid in total, what your original debt was and what your understanding was on the level of fees costed - bearing in mind that if you have extended for 10 months then additional IP fees may be due.

On the forum we can give you the general advice and support - for case specific you do need to contact your IP. Declan posts on the forum and his details can be found in the experts page - I am sure if you email him he will be able to resolve your query for you.

Hi
Just to echo Lulu's post, I am more than happy to help with this query but without knowing the case specifics I cannot comment on the figures quoted above. If Harrypop does want to email me, my contact details are in my profile.

Thanks