paying an IVA off early

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omegaelite

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Post by omegaelite » Fri Sep 19, 2008 10:44 pm
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Hi
Ive looking at an IVA as an option of dealing with mountain of debt that I have..
My question is this.
If I enter into an IVA and 6 months down the line my parents manage to remortgage there house to contribute to sorting my finances out, is it possible to change from a repayment IVA to a lump sum IVA? Has anyubody had experience of paying an IVA off early and being releaesed early? Would they want the same value that had been agreed over 60 months or would they want more??
Many thanks
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kallis3

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Post by kallis3 » Fri Sep 19, 2008 10:46 pm
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You can make a full and final offer, but not sure if you could do it so early in the IVA. It would depend as well on how much you were offering. Each one is different.

One of the technical experts will be able to advise you further.
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
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Lisa2009

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Post by Lisa2009 » Fri Sep 19, 2008 10:51 pm
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It is possible but would really depend on the wording in the chairmans report. They may put a clause in of no variations in the first 24 months.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


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MelanieGiles

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Post by MelanieGiles » Sat Sep 20, 2008 12:17 am
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If this is going to be possible, personally I would propose a full and final IVA from the outset, based upon the receipt of a lump sum from your parents over a 12 month period. I have done a lot of cases like this recently, and creditors seem to like the prospect of an early return.
Regards, Melanie Giles, Insolvency Practitioner
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