My original debt was £1423.07, 6 months into the IVA they contacted me and said I owed £1534.21, when the IVA failed due to me losing my job they contacted me again and said I owed £1842.17, I started paying them but over the course of the following 2 years it rose to £2283.48, I have been making regular payments but they keep adding more on, I have now been paying them for 3 years and they say I still owe them £2077.39, what can I do about this situation?
After the IVA failed they said it was interest that had been added, but it has been with a Debt Collection Agency for 3 years 10 months now so there should not be any interest being added now, so I don't know why it is still increasing. I starting keeping a detailed log of payments I was making and the Debt Collection Agency sent me a letter last week asking me to increase my payments, when I compared the amount the letter said was still outstanding it was £24 more than it should have been so I starting checking all the paperwork and that's when I realised how much extra they keep adding on over the years, at one point I paid them £150 and the following month the amount outstanding had increased by £50 so if that was interest, as they said it was, then it means they charged £200 interest in the space of 3 months.
No. Thank you for your advice.