Hi there, im in my final year of the iva and have paid £25,000 to date. My total debt voted at the creditors meeting was £27,232. Does this mean that if i offer to pay the remain £2,232 my iva will be complete early? or if i carry on with my £700 a month repayment in 3ish months will my IVA be finished? or do i have to cayy on for the full 5 years? Sorry not very well educated in the IVA world.
Unless you are paying back 100p in the pound then your IVA will continue for the full five years.
You will always be liable for the whole of your debt until the IVA is finished or you pay back everything in full.
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
There is no reason why you couldn't make a F&F offer, best to discuss with your IP. remember that the total figure paid will be less costs so the dividend to creditors wont be 100%.
IVA finished June 2011
"If you listen to people who tell you what's impossible, they're usually the ones who failed" Paul Stanley
If you made a full and final offer, where would the funds be coming from?
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
Hi Ed.24 welcome to the forum. Your IVA will carry on until the agreed termination date, subject to any extensions you've had. If you have a lump sum to offer now then it is definitely worth putting that forward however it also depends on how far you are from your agreed last month of payment as it can sometimes take companies quite a while to get a full and final to the creditors. Speak to your IP about it and the timescales involved - if you wantto end it early with a lump sum your IP is duty bound to put it to the creditors for you.
Let us know how you get on.
Regards,
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Thanks for your replies...I don't think I explained it very well. I've paid
More than was predicted to date due to overtime earnings, and pay rises,apparently I had to give 50% of my overtime earnings. So at this stage I was predicted to have paid alot less than I have, so when I've reached 27,000 I'll have paid off my total debit in 4years 3months rather than the 5 years.
Hi Ed - welcome to the forum. I think the others were trying to say that although you say you will have repaid 100% of your debts, you have to factor in IP costs to date and possible statuory interest due.
If you've paid back your total debt plus the fees then your IVA will conclude earlier.
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
Hi
basically you will be told in here to carry on and get to the end as it takes a fair bit of time to get a yes or no to your offer
If you have more than 6 months then keep on trucking
If you are going to make a saving for yourself by sticking to your agreement then you are better off staying as you are
I asked a similar question so I know
At the end of the day its your decision and the best way and only way to get the straight answer you are looking for is to call your IP then you know where you stand
ALL <--------- IVAs are -- > specific to the Individual < -- so it matters not 1 jot what somebody tells you to do Only your IP has that responsibilty and your case history and as you have stated you are a good client paying on time as much as you can
1 person will say yes do it another will say no dont do it to your post in here
In my IVA I have had a lot of help and support and worked out the best way that was specific to me at the time. I did that by explaining the situation I was in and how I would resolve and work it out for the best in both parties
Remeber your IVA company are on your side to see you through to completion and you are paying them a fee so speak with them and see what they tell you
Good to get advice from many places for help ... before anybody ''pooh poohs '' my response or point scores as happens .... all I am stating is the only clear answer is with your IP
good luck and you are nearly there anyway
keep smiling and even if they dont let you do as you want you are free soon
Have a chat with your ip Ed and let us know how you get on.
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
Ed - only your IP can give you definitive advice. If your payments todate total the 100% of the original debt then you can possibly look to conclude early once all IP fees and any stat interest has been paid.
Your £27k that you quote - was this all of the debt you owed prior to your IVA being approved, or just what the minimum dividend was set at at the outset of your IVA ?
If it was the latter then you are likely to have to continue to pay unless you have reasons to end early such as poor health or known redundancy, a definite change in your circumstances that will cease your ability to pay.
Without the above creditors are likely to push for a continued payment as they will receive a higher than expected return.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi ya it will take you 3 and a bit months to pay up your original debt but due to the IP's fees and charges you will not have reached the 100p in the pound return because of this. £700 multiplied by the remainder of your term at maximum potential given you haven't given specific dates of the final payment on your iva will be £6300 this will not cover your supervisors fees and charges over the 5 year period. If they also want statutory interest as well you will be even lower but I have never seen confirmation as to whether statutory interest is required in that circumstance. I know it is for a windfall.
In any case doing a quick calculation on the maths you will be better off paying for the next year at your £700 total and letting it conclude then.
There would be no benefit for the creditors to accept full and final of payments to date if you still have a job and able to continue to £700 to the end.
Probably not what you want to hear but it's all in the small print
Take care and good luck. If your IP says differently come back and let me know as it's always interesting to hear of different case outcomes
