Iva. - paying a lot more than I was initially

[coppercolouredtop]

Hi
Does anyone know anything about IVA agreements?

I'm 2 years into one and I've just worked out I've paid in over 10k . We owed 39k it's Doubtful that the mortgage company will remortgage so I'll pay it for 6 years. I'll have paid 30k but Ex dh also pays it separately and they said he owed 24k , but I'm paying the joint debts so I don't know how they got that figure.
By the time it's done we will quite possibly have paid in more than we owed.

I've had a substantial pay rise since starting it so my payments shot
Up from 300 to 508.

I also have overtime that I can't not do so half of that goes in the pot .

Can they actually take more than we owed?
Does anyone know?

Thanks

Have you factored in the Supervisor’s fee and anything you hadn’t paid them up front? Those are often quite substantial per year of the arrangement. So yes, that can make it more than you owe. But the point of an IVA is that your creditors have agreed to accept less than you owe, so you shouldn’t pay more than that % plus fees. IP fees can add up but usually are fixed in an IVA.

If in doubt, just ask the Supervisor for clarification. Increasing the payments should reduce the term of the agreement. Is it a joint IVA or is your DH’s separate?

Hi they are separate but it looks like they've counted each debt twice !!!

Just seen ex dh creditors and they're same as mine even tho joint debts looks like they've added it up separately and we'll be paying 46k off despite only ever owing 39k

Going to get all paperwork out and ring them with ex

Seems if the repayment totals 100%of the debt the agreement is terminated.