www.iva.co.uk

Hi again. I have been mooching around and am dead impressed with all the stuff on here. I now have another question. If I was ever, and it is fairly unlikely, fortunate enough to be in a position or somebody else offered to make an early repayment would I have to pay off my origional debt of £43,000 or the £28,000 I am paying off and would I have to pay the £9000 fee to Debt Free Direct?

Thanks folks and keep the good work up xxx

Settlement figures can vary,but you can often offer an amount short of your original debt and have it accepted,a fee would still be paid to your IP.

The best thing to do would be to get your IP to work out a settlement figure for you based upon you returning the original level of dividend accepted by creditors. This will depend on how long you have been in the IVA, and how much has already been paid in, together with the charges raised by your IP and what they expect to charge in the future.

Thanks for that. So if, for instance, my friend won loads of money on the bingo and offere to pay off my IVA would she have to pay a figure closer to £43,000 or £28,000? I'm sorry to sound a bit dense lol but figures have never been my strong point....I have to pay £28,000 to my creditors but they have to pay back £9000 to my IVA people to cover their expenses. Why wouldn't the creditors be happy to accept £19,000 which is all thet will get after 5 years anyway?

That is exactly what I suggested you do Jude - but only your IP can work out the figures for you.

Hi
If a third party could stump up the 28k then you would be in with a good chance.You could also offer less to allow for the savings in costs for the IP
Regards