www.iva.co.uk

Advice from the experts.
My wife & I took out a joint IVA in Sept 09 with depts. totalling £59837.83 with fees of £10000.00
To date we have paid £34980.00 and overtime payments of £28177.00. With only 14 months of our original 60 month agreement remaining we are in a very strong position to repay 100p in the £ when were at the end of our IVA.
My wife has been contacted by her previous bank and successfully claimed £3438.85 which has been sent to our IP in the form of a cheque, also they said a credit for £17187.65 would be taken from our original debt to them.
My question to the experts is this, will our IVA continue the full term of 60 months?
I have read posts on this forum some creditors will file for interest payments lost to them because of my actions in the IVA so I’m a little concerned about the total amount our IVA will actually cost us.

Regards.

Martin.

Hi Martin and wecome

No, once you have repaid your initial debt plus IP fees your IVA should conclude. Speak with your IP so that you have a clear end date

Regards

Do make sure that there is no provision for statutory interest to be paid within the terms of your IVA. This is quite rare these days, but does need to be checked out with your own IP to be sure.

Hi Andy & Melanie.
Thank You for the prompt replys,
I have just spoken with an adviser from DFD.
They have passed my details to one of their completions officers for review and will get back to me with some information by tomorrow,
in the mean time they say to continue with payments as usual and any overpayments above my original dept plus fee's will be refunded.
They said their was no provision for me to pay statutory interest in my agreement.

Thank You.

just recieved an email from DFD advising me a further 3 months of payments should see us at 100% return.
I have calculated after the cheque payment and credit of £17187.65 from Barclays due to a successful PPI claim I have already overpaid by £13946.29
I will send a summary of my payment history to DFD and ask them to look again at my account.
My review month is september and i think it's a coincidence they have asked for another 3 payments.

Make sure you fully understand the figures, and good look for an early completion in three months time if they are correct.