www.iva.co.uk

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

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.

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!

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

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

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 !

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

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

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.

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

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