Im only near to the End of my 1st yr on my approved Iva, My Question is:
If I could get the remaining balance together to pay off my Iva early would that be a possibility?? Or do you have to keep paying the whole 5yrs as stated what ever situation..
Im sure payng it off early is an option, Thats if i did save the money to pay it off.. I Would just like to hear from you experts what i can and cant do
Cheers from Clive.. Hope everyone is well xx
A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain
You can pay your IVA early. You can either make a full and final offer, which should usually be near to the original dividend, or, if you have the money, you can pay your debts off in full.
If your offer is accepted, or you pay it all off, then your IVA is finished.
Your credit record will still be shot for 6 years though.
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
i did, just under 2 years, i worked out my monthly payment to the iva, x by the months left, minus £1000 for every full year reaming and got accepted, but i think the way things are now offer a bit less than that, when everything was worked out the creditors ended up with 2p more to the pound than originally agreed in the iva
I believe between 10% and 15% deduction might be acceptable to your creditors - discuss with your IP though first and he/she will give you a better indication. Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I did wonder that myself Melanie. If you can afford to save enough money to pay it off early, you should be paying more across to your IVA.
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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