Posted: Sat Nov 01, 2014 4:02 pm
Am I right in thinking at the end of an IVA term, the IP will add £8000 for every £100000, (inc secured loans) borrowed?
IF you pay 100% of the debt, some arrangements have provision for 8% per annum simple interest to be added. Many IP's get this clause removed if it has been included.
Secured loans are not covered by the IVA and so none of your payments to your IP should be in respect of those.