Iv completed my second year of my IVA. I am paying 225 pounds a month. My uncle want to help me to pay off my debt. Iv calculated of my remaining 36 payments of 225 per month are 8100 pounds in total.
My question is if i pay 8100 pounds my IVA will finish ??
Thanks
Hi, no you need to speak to your ip about offering a full and final payment. Your ip will need to call a creditors meeting and they would need to agree to the early end to the iva. The fee you have mentioned is a good place to start but you may need to offer interest and the iva fees on top of that to get it accepted. Ivas are not like loans, you can't just simply buy out early, it's a fixed term agreement.
I think that is a fair offer, you will need to put this in writing to your IP stating that the loan will only be made if it is used to conclude your IVA.
Do you own any property ?
