hi there i am nearly 3yrs into an iva

[beverly_e]

hi there i am nearly 3yrs into an iva me and my boyfriend really want to buy a house together so i realy want to get out of the iva - i pay £563pm if i wanted to get a full and final settlement figure am i right in thinking that i offere them £563 x 24 which = approx £13,000 my boyfriend has said he could ge.t the money together for me so we can start afresh - i know its a silly question and i should know this but sometimes i get so confused. thanx in advance

[MelanieGiles]

It is not a silly question, and you have come up with a pretty sensible answer if your partner is able to come up with that sort of money.

Speak to your IP to see what they would recommend.

[RJC]

Hi beverly_e,

This is not a silly question. You are about right in your calculations, looking at things on a simplistic level. I would suggest speaking with your Supervisor, letting them know of your intentions, as they will be able to advise you further. Other things you may wish to consider:
-If you are ending your arrangement early, money now to creditors is better than money later, you may therefore be able to offer a slightly reduced lump sum offer.

-If the Arrangement is ending two years early, are Supervisor's fees going to be reduced accordingly? This could allow a reduced lump sum offer to be made. Be mindful that your offer still needs to be attractive enough to be accepted.

- Are you all up to date with payments? Any arrears on your IVA may discourage creditors to accept your revised offer.

- Did creditors originally stipulate a minimum dividend? If so, this should be your real guideline in knowing what needs to be achieved with a lump sum.

I hope you manage to get things sorted, do let us know how you get on!

[MRBLUESKY]

hi beverly i think your creditors would accept a offer less than £13,000,if your iva was concluded 2 years early.

[NTF Financial Solutions]

Beverly as others have said there is no right or worng offer for a full and final settlement offer. It is likley that less than £13,000 would be accepted but it depends on the creditors and the way it is pitched. I would suggest that you contact your IP and discuss but you need to have in mind what you want to offer as the IP can not really suggest a figure.
Good luck

[luluj]

Great opportunity to come away from your IVA - howeer, bear in mind that your credit record will still show the IVa until the end of the 6th anniversary and therefore gaining a mortgage may be more difficult in your name. Hopefully it works out for you !

[kallis3]

It's not impossible to get a mortgage before the 6 years is up, but you will need a hefty deposit.

[Debtwitch]

You could be saving whilst you wait for the IVA details to fall off your report and in the meantime start reserching best buys, etc

[kallis3]

You could also contact Tony Parsons who posts as Welshboy on here. You can find his details under the expert link on the left hand side of the page.

[Shining]

I used Tony Parson (Welshboy) when I first set out on my IVA journey a true Gent.

[kallis3]

Never had any dealings with him myself, but he always so helpful on the site and I wouldn't hesitate to recommend him.