Hi I have 16 payments left on iva plus a final figure of 6k to pay, I may be in a position where my parents can pay this for me to complete early, if they paid the 16 payments + the 6k do i still have to offer as full and final and then have creditors meeting or is it more simple because i am paying the full amount i originally agreed to rather than making a lower offer.
Also when complete and after 6 years when removed from my credit file if i apply for car finace etc will there be no trace of iva at all ??
If you are varying the terms of the IVA, which you will be due to offering an early settlement, then there will need to be a creditors meeting. Rference to the IVA will drop off your credit files six years from the date of its original acceptance.
I am sure that if you offer them the full amount it will accepted. You may be able to offer less. Make sure that they know that the money will only be available for the full and final.
There will have to be a creditors meeting.
After 6 years your IVA will drop off, but you need to check with Experian, Equifax and Call Credit to make sure there are no defaults registered against you after the date the IVA was approved. If so, you will need to write to the creditors to tell them to remove them.
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
Creditors would definitely prefer to settle early and may accept a reduction of the anticipated dividend, but as you are pretty close to completion, this may only be slight - if any.
I hope this offer is being made with funds held and not borrowing?
Kind regards,
Angela Rosler
Insolvency Manager
Helping people with their debt problems for nearly 10 years.
Contact me directly for free, impartial, confidential help and guidance.
Whats the point in having a creditors meeting in a case like this though,given that everyone will get what they are due and earlier than anticipated?
Surely the only person to gain would be the insolvency firm with the cost of arranging the meeting added to their fees?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Because if the IVA concludes early, creditor lose their chance for a windfall payment, and they therefore need to agree to the change of terms. Unfortunately the Supervisor does not have discretion to agree to this.
hi any thanks for the advice, very appreciated from all , debtwitch thanks made ma laugh yes no borrowing for me ... done that far too much in past luckly i have very understanding parents !!
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
