Finishing IVA early

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Red

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Post by Red » Sun Nov 04, 2007 2:27 pm
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Hi

I've been in IVA for past 6 months.

My debts were originally just under £80,000 and were reduced to approx £45,000 in the IVA. I am making payments of £760 per month

I was wondering, if for example someone gave me a lump sum to clear the £45,000, would the IVA be over or would I be required to continue making payments to clear the full £80,000?

Thanks

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Full & Final accepted May 2011
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Adam Davies

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Post by Adam Davies » Sun Nov 04, 2007 2:40 pm
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Hi
If you have no equity clause in your IVA then you could well offer enough to return the proposed dividends[38k,remaining payments less approx 3k in saved IP fees].You must state that the loan from the third party will only be made if it is used to conclude your IVA and all your disposible income will be used to repay them.
Regards

Andy Davie
IVA.co.uk Spokesperson

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

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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Red

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Post by Red » Sun Nov 04, 2007 2:42 pm
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Thanks for your help Andy.

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