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can i pay off an IVA? my family are giving me some money to pay it off, i only have 1 year left to go. would i need to negotiate a "settlement" figure or will i have to pay everything outstanding?

hello bluelucy

welcome to the forum!! I'm sure an expert will be along to answer your post soon.

As someone just about to embark on the long road of an IVA, I was wondering if you can let me know how it's been for you for the last 4 years, how you've coped living on a strict budget etc.

Alan

Hi bluelucy

As you are in the final year of your IVA, I would suggest that you will need to pay the full value of the outstanding contributions in full to see an early closure, but do check with your own IP.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Alan

The IVA was the only solution for me at the time, it wasn't easy, but knowing i didn't have the dreaded "red letters" and harrasment from my creditors made it a lot easier to cope with. I would suggest if you have to go into an IVA, then do it!

Good luck![:)]

Welcome to the Forum Bluelucy,

I agree with Melanie on this one, I think the best action is to contact your I.P and check with them what figure they think would be acceptable.

Please remember to post your progress.

Best Regards. IVA Experts

Contact your IP but I agree with Mel that you would be looking for a similar amount equating to your remaining contributions.

Best Regards
Oliver

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