IVA miscalculation of full figure owed?

lxtmxny

Hi everyone,

I'm hoping for some insight or shared experiences regarding my IVA with Payplan. I'm getting what feels like conflicting information about my final balance, and I'm trying to work out if my own calculations are on the right track or if I'm missing a crucial piece of how these things are tallied up, especially towards the end.

Here are my key figures:

• Original non-priority debt (from April 2025 annual review document): £26,946.32
• Payplan's stated fees: £4,200 (listed as "transparent fees")
• My monthly payment: £1,107 (this was a recent increase due to being in a very good financial situation now)
• Total paid to date (as of early June 2025, after my June 3rd payment): £26,757.90
• Redundancy windfall paid in May 2025: I was made redundant. The agreed amount to pay into the IVA was £8,740, but I voluntarily paid in £11,000 to try and clear it faster.
• Original IVA end date: July 2026

Based on these numbers, my own calculation is:

Total to repay = Original debt (£26,946.32) + Payplan transparent fees (£4,200) = £31,146.32
Amount remaining = £31,146.32 - £26,757.90 = £4,388.42
At £1,107 per month, this would mean I have about 4 payments left, finishing around Sept/Oct 2025.

However, I've had some confusing communication from my Payplan supervisor: 

Today, he stated: "Your 100% figure calculated in April was £13,379.72, this is before you paid in the redundancy pay which would theoretically bring this down to £9,639.72."

This £13k -> £9k reduction seems to believe that my redundancy payment was £3,740 which isn't correct info at all. It doesn't reflect the £8,740 Payplan wanted from me, let alone the full £11,000 I actually paid in from my redundancy.

But then the supervisor's earlier comment about the debt being £13k (for creditors) then theoretically £9k after whatever redundancy was paid doesn't quite seem to fit with where I think I am now, especially if the full £11k redundancy and subsequent monthly payments have been applied. 

If before the redundancy the amount owed for 100% figure payment was £13,379.72 and I paid £11000 into the IVA, surely that would bring it down to £2,379.72. Since May, I've made another payment of £1100 for June, so that's £1,279,72. But that seems to be completely wrong from the figures they are giving me and I can't understand why.

Payplan are generally reluctant to give me a definitive final figure right now, saying "figures keep changing due to payments made" and that they'll email me when I'm close to finishing or finished.

I feel like something is getting lost in translation or I'm misunderstanding how the figures (especially the application of fees and large windfalls) are presented in interim statements versus the final reckoning.

I was told I shouldn't expect any other fees, so I really don't understand why I would still have £9k left to pay after I've paid £11k 

Any insights or similar experiences would be hugely appreciated! I'm trying to plan ahead and the uncertainty is a bit frustrating when it feels like the end is so close, but being one month away vs 7 or 8 months away makes a huge difference and I feel like I'm missing something. No matter how many times I call them and ask, they're just very vague and say "when you're done, even if you're done before July 2026, we'll email you." 

Am I missing something in terms of how the payments are made?

sourcrates

Usually if during an IVA, you come into a windfall, and its a large amount, enough to cover the full original debt, then that is what you pay.

You only get debt written off if your circumstances do not change dramatically during the arrangement.

Its always difficult to know how much you actually owe, because an IVA does not work like a reducing loan would, where the more you pay the quicker you pay off the balance, the IP makes disbursements to creditors at various times during the arrangement, there will be the fee`s as already stated, but also any incidental costs, VAT, interest, sundries etc.

That`s on top of the 100% pay-out to creditors, best to wait until its all over and done with, then challenge anything you think may be incorrect.