IVA Help Please

DBunyan

Hi There

I have an IVA which started in Dec 2012 for 60 months at £175 per month. It ends in Nov 2017. I have paid each month faithfully and the amount I pay each month has never changed because nothing has changed in my circumstances. My original debt was £18,621.70 and they agreed I would pay back £10,500. I have personally pursued PPI claims and have received £12,183.84 back which has went straight to the IVA company (Debt Support Centre). Between my payments and the PPI payments I have paid back £18,308.87. In 2 months I will have paid over the original debt I took the IVA out for. I will still be paying the IVA for another 23 months after that, which will be another £4025.00. In total I will have paid back £22,333.87. Will this extra money go towards the lost interest due to the creditors or will it simply go to the IVA company. Is there any chance that this IVA could be ended earlier due to the added bonus they have received with my personal pursuit of the PPI claims. I would appreciate any advice as I would so very like this whole ordeal to be over as soon as possible.
Thank You

ilikewatch

You really need to speak to your IVA company for a definite answer, but my understanding is that once you've paid back the original debt + fees + (possibly) 8% statutory interest, then the IVA should be satisfied. Whether or not the interest needs to be paid would depend on your agreement.

DBunyan

Hi

Thank you very much for your reply and advice. Could you tell me what figure from my long winded saga would the 8% be based on.
Thank You

DBunyan

Hi There

Does the IVA even consider the PPI payments or would they just be written off, £12,183.84 is a very large amount.
Thank you

ilikewatch

I *think* that the 8% statutory interest would be based on the total debt owed, and would *probably* be adjusted each month to account for the total amount still outstanding to creditors.

I would that net amount (after comission and any payments made to you) of any PPI payments would be paid to creditors and reduce the outstanding total debt.

You really need to speak to your IP as a lot of this could be dependant on the policies of the company you're with and the agreement you have with them.