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IVA fee's
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david_rogers88
Posts: 2 Newbie
in IVA & DRO
hello, i have been paying into an IVA for 5 years. my original debt was 50k, my IVA is for 96 months but my latest chairmans report says i will repay 69k over the durationof my IVA. is this correct? the whole reason behind an IVA is to help, this doesnt seem to be helping me.
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Comments
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Its not unlikely, the fees for IVAs are not insubstantial. Why is your IVA for eight years?"You've been reading SOS when it's just your clock reading 5:05 "0
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IVA`s are advertised as been able to write off up to 50% of your debt, well Unfortunatly that does not always apply.
I`m guessing you are not a homeowner, or if you are, you were unable to re-mortgage in year 5, so had an extension added, you have perhaps missed some payments in the past, so had them added on also, maybe your income went up, if so, then so do your payments, the fee`s on your arrangement will be quite high, so again, time can be added to cover those.
You need to check your paperwork, if anything looks untoward, then by all means question it with your IP.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
I’m a homeowner, have not been asked to re-mortgage.
my iva was 6 years with a 2 year extension without a remortgage. I am confused how they can charge that much in fee’s0 -
They can charge whatever is in the agreement, and IVAs are poorly regulated.
You should still complain
https://debtcamel.co.uk/complaint-iva/
https://debtcamel.co.uk/why-few-iva-complaints/
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