IVA Payments

dominomajar

I entered into an IVA in January 2007, my debts total £37,000. My take home pay is £2100.00 per month and my IVA payment is £701 per month.
I am paying my creditors 100p in the £.

I feel I am paying too much as I will be paying all the debt back and not 75%.
Has anyone else been in the same situation? I don't know what to do for the best.

moneysavingplumber

Was this your income at the outset of the IVA? If so, I find it hard to see how you could have been considered insolvent, which should be part of the criteria for deciding suitability of an IVA. DMP would have been a better option, although again creditors may have been reluctant to stop interest if your SOA showed that you could afford minimum payments.

shelene

Hi i guess even though you paying 100% i guess at least the interest has been frozen and you can realistically pay it off in 5 years which you probably would not have been able to do otherwise??

I thin k if you are paying back 100% you can shorten the term of the IVA to below 5 years, but would result in you paying higher each month.

I not known anyone paying back 100% though ordinarily. hope you get the answers you looking for

fnc6810

ME ME ME
This is the amount i paid back 100p in the £ but this was not the only problem . this amount was stated in my proposal, but before that we were told to stop paying creditors and pay £300 into the Fund and he was sure the creditors would accept this as full satisfaction of all interests and costs.
Of course they would they're getting it all back.
4 months before Agreement approved = £1200
Original Debt £15400
Final Admited Debt £18037
Difference £2637
Plus on top of this the IP fees £5000ish
£23000 paid in an IVA that I cleared up in 17months
feel free to ask any questions

fnc6810