hi me anad my husband have just started our 4th year of our IVA, we would like to make a final and full settlement to finish our iVA,his sister is willing to give us money to do this, we have 23 more payments to make at £250.00 we are due to do a review of our finances, do not know how much to offer, also we feel like the people who started our IVA journey lied to us,they told us we would only ever pay this amount and also we would only every pay back £15,000, when we properly read our plan as we were with RSM tenon and now with grant thornton, we are having at some stage remorgage, I know we have no equity infact it is worth less than when we started IVA, so I guess we will be in this for 6yrs as they are expecting 5.689.which brings our total to something like 20,689. I feel the people who set up this IVA lied to us.He said we would not pay anymore than the 15,000 and would not ever pay more than £250.00 per month, they did not say we had to reviw every year or our house would be in the iva feel a lot lied to.
Hi, Was the terms and conditions not all in your paperwork yo signed? Do you still have your copy? Hope the link above answers your full and final question
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Your offer needs to be close to the original promised dividend including any equity release. Mthe simplest way to calculate this wouldto multiply £250 by the number of months remaining....in your case 23 = £5750 and then consider an additional 12 months for equity £3000........so £8750
If it were me I would look to offer about £7500 - £8000 which allows for some Ip fees to be removed for early completion.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
The issue of annual reviews and equity release are such a large part of the IVA contract, I find it incredible that this was not fully explained to you from the outset. And if you have only been paying £250 since the IVA commenced, and have no equity in your property, then presumably you will only end up paying £15,000 into the IVA?
With 23 more payments at £250, an offer of around £5,750 ought to be acceptable, but if a review of your income and expenditure determines you could afford more then the figure required will probably need to be increased.
IP fees will probably be based on a percentage of realisations, so no reduction for early settlement there.
