Hi everyone,
I've been lurking on here for a few months now so firstly thankyou for all your advice and help that I've been able to read and take on board.
I am 3 years into my IVA and may have the opportunity to make a final settlement soon. Not because I am struggling with payments but I'd rather get out of it if I can!
Last correspondance I had from my practitioner was March 2009 stating I owed money as I had earnt more in the previous year. I explained that although this was the case, I had recently started renting a new property and all my spare cash had gone on the deposit, furniture and subsequent paying family and friends back who had helped me financially to move. Therefore - I had not been 'setting the money aside' (is this not impossible to do so??!!)
Since my explanation I had heard nothing and have since learnt that 'Synergi Partners' are no longer and another company has taken over.
So, I will no doubt need to explain the whole thing again to them!
I have nearly paid off my family and could probably double my monthly payments on that basis. Would this then double the offer I could make for the final settlement?
The finer details are as follows -
IVA Started Feb 07
60 months at £338
30.89p to the pound
From everyone elses practitioners on here I think I came up with a dud one as they have not really helped me since the start and it has been impossible to extract information out of them!
Not sure where I stand on the whole 'money I should have set aside' thing so any help would be gratefully appreciated......
I think that your new IP may be concerned to learn that you have taken unauthorised credit during the IVA and have therefore worsened the creditors position as a result. No doubt you will be now asked to make those payments up at the end of the IVA, or from your share of any uplift payments in the meantime.
I very much doubt you will be able to get out of the IVA early just because you want to. You need to have a pretty valid reason for doing so e.g change of circumstances, affordability etc. which in your case does not seem to be a problem especially when you say you can double your payments. You will also find as Melanie has stated that you will more than likely have the amount that you should have set aside put on to the end of the arrangement.
In hindsight instead of borrowing the money from family you should have contacted your IP to ask for a payment break for a few months to enable you to save for a deposit, furniture.
