www.iva.co.uk

Can you be made to pay over your 100% debt?

Our 100% debt to creditors was for £33306 of which they agreed to receive back (inc equity) £29345 minus DFD fees & VAT of £11738 leaving a total of £17607 to be distributed.
As we have both managed to gain better jobs in the 5yrs we have been in the IVA we have actually paid back in 60 months £28003.29, I also believe that Equity In Finance have managed to recoup approx £3900 in PPI claims aswell.

We have just had our remortgage declined and DFD have now said that our agreement will be extended by 12 months - we understand that this is part of the agreement but my query is:
100% debt £33306
Contributions made £28003.29
£810.57 x 12 extended £9726.84
This comes to £37730.13 which is over our 100%
I have sent an email to DFD to ask about this but I don't seem to get a reply to my question.
Has anyone else had this on their agreements?

Thank you in advance to anyone who replies to put my mind at ease.

Hi. If your total original debt to creditors was c£33k then, very roughly, to cover 100% of debt repaid to creditors, you would be looking at paying over around £40k plus possible statutory interest at 8%.

Thanks for the reply but can I ask why it would be 40k plus interest?
There is no mention of interest in our agreement.

Some IVA's ( but not all) allow for 8% statutory interest to be added in the event that 100% of the debt is paid. This is often removed these days.