Ending IVA

dugma1975

I have just enetered my 5th year of my IVA.
My current fixed term mortgage expires Oct 24 with my IVA finishing its 5th year Nov 24.
I have spoken to several people from my IP who until last week gave me an indication of how much I would need to raise to pay off my IVA rather than entering 1 final year before write off.
I have invstigated getting a 2nd charge mortgage which covers the settlement amount and more.
However, the figure provided by my IP is £20k more than was indicated over the phone only 5 weeks earlier.
Whilst I acknowledge I have a significant amount to pay back i.e. 100p/£1 I am confused how the figures quoted over the phone is so far off the official calculated amount. 
In short the amount I need to pay is practically the same as what the debt was when I first enetered the IVA. It seems strange and that I have paid every month without fail for the past 50 months but yet the amount I pay back is still equal to the debt in the first place.

It seems I have to pay nearly £20k in fees to teh IP which I also find strange (this is included in the amount I pay not additional) For someone who enetered this style of agreement in the first place the charge to administer and setle early is outrageous!

Am I wrong in thinking I have been duped or is it me and in fact its all accurate (appreciate no one really know the specifics to my case).

Any advise greatly appreciated

sourcrates

IVA`s can be a double edged sword, if your repaying 100p/£, you are going to pay 100% of the debt, plus fee`s, there will be no write off, and no early discount either.

You only get a write off when you have a large amount of debt you can`t pay, and can only afford a small amount monthly towards them.

I would say the vast majority of those in IVA`s don`t understand how they actually work, one reason why so many are mis-sold.