We have been in interlocking IVA's since November 2012. The Creditors agreed to the IVA provided it was extended for an extra year to six. At the time our IP (Melanie) thought that was unfair. How right she was! I've just won £10,000 which will have to be paid in to the IVA. Given that the extension was to increase the dividend to the creditors (my wife wasn't working at the time so the expected dividend was 15%) and we are now going to pay 68% or 89% with the windfall, do you think that they might accept this as a final payment?
It will have to be paid across, and anything left over after paying back 100p in the pound plus fees and possible statutory interest will be payable to you
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As Kallis says the IVA payments will contnue until such time as the payments come to their agreed end or you pay back 100% of the original loans, plkus fees and possible statutory interest.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
