Will IP will add 8 thousand pounds for every hundred thousand borrowed at the end of the term ?

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Magpie28

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Post by Magpie28 » Sat Nov 01, 2014 4:02 pm
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Am I right in thinking at the end of an IVA term, the IP will add £8000 for every £100000, (inc secured loans) borrowed?
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Foggy

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Post by Foggy » Sat Nov 01, 2014 4:12 pm
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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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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