In December I will make the final (72nd) payment into my IVA, and in total I will have paid 85% of the total owed amount, and fees.
I have been told to extend my payments by a further 12 months in lieu of equity release, which will take me to almost 98% of full repayment.
I have asked for this to be reviewed as we have a leak in our roof, and an unconnected damp problem in our house. We also have two cars that are essential for our jobs but are old and require maintenance, the costs higher than what is budgeted.
I have been told that the only way to prevent the further 12 months is to offer creditors a lump sum in lieu of the extra months, but no indication of what size lump sum would be appropriate.
Can anyone advise whether they have had success in paying over a lump sum and terminating the IVA before the extra time kicks in? If it helps, come December I will owe around £7k still.
Lots of people (myself included) have done a full and final offer to finish early.
Can I ask where the money would be coming from?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
