i have 38 months left on my 5 year IVA still to run , however i would like to consider paying of the whole amount in 1 payment . will the creditors expect the full amount to be paid or could i make a final payment offer to them through my IVA , and if so how much should i consider offering as a final payment working on a monthly payment of £260 ?
If there has been no change in circumstances creditors may seek as near as possible to the original amount although a discount for early settlement would not be unreasonable. If you have a property your IP may also want to see a valuation and mortgage statement to give creditors the full picture.
I would suggest that you explore whether you can raise in the region of £10,000 based on the number of payments you are yet to make. Why do you want to do this now, and do you have an actual funder in the wings? Full and final settlements are a win/win/win for all parties, but creditors will want to be assured that you are still putting your very best feet forward with their interests in mind.
