Completing an IVA early

[Chris30]

Is it possible to finish an IVA half way through should a family member offer to buy you out of it? If so how much would be needed? The total ammount you owe to creditors or what was agreed in the IVA less IP fees?

[aguise]

Hi chris, I think pretty much what your original offer would have been, so if offering 25p in the pound, maybe an offer of 27p in the pound might sweeten things for you.

ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[iva.com]

Hi Chris,

As Ang has suggested, a full and final offer should provide creditors with a similar return to the original IVA proposal.

However, you should check this with your IP as they will be familiar with your cvase and know whether such an offer is likely to be successful.

Good luck with this and please let us know how you get on.

Kind regards,
Terry Balfour
IVA.com

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[Adam Davies]

Hi Chris
If you have no equity release clause then,as Aguise and Terry state,an offer of the dividend that your original proposed should be successful.
You will need to allow for IP fees,typically 2k nominee fes and approx 1k for each year of your IVA,plus the dividend pledges less payments made.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
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[MelanieGiles]

A full and final offer of settlement should represent your ability to complete your IVA from where you currently stand, which may have improved since the IVA had been agreed.

For instance, if you started off paying £400 per month in the first year, but by year 3 you were paying £700 due to increased earnings, the settlement should be based upon the revised projected dividend rather than the original one.

Take advice from your own IP on this matter, who will have detailed knowledge of your case and be able to guide you as to what is likely to be acceptable.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
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