www.iva.co.uk

Hi
My IVA is due to end in Summer 2012 but would like to try and finish it early. I have meet every payment to date and have paid in at my last review (Sept 09) £16,500. My agreement was to pay 55p in the pound and currently claims have been paid a dividend of 25.98p.
The balance at the bank according to the last statement is £7.158.
My car is currently on its last legs and I have no money to look to buy a new one so my question is can I offer the payments already made and the balance at the bank as full and final settlement in order to finish the IVA early? I have no property or money to add the sum I have already payed.
I would like to start the new year free of the IVA and free of the debt.
cheers

You could always ask for a payment break to buy yourself a car?
I think its doubtful your offer would be accepted just on that reason.

Hi - I would be surprised if your creditors allowed you to conclude circa 18 months early because you need a new car. You should be able to take a payment break to save for a car. Your agreement is to pay back as much as possible, the 55p is just an expectation, so meeting this figure early wouldn't qualify you to finish early. Good luck with the car

Hi
The balance at the bank is the funds collected but not yet distributed. It is very unlikely that creditors will accept payments made to date as a full and final. I would think a payment break will be an acceptable option with any missed payments tagged onto the end of your IVA
Regards

I don't think so - as there does not appear to be good reason for this. Ask to miss a couple of payments to fund the costs of a reliable runaround, as Andy says, until the IVA has concluded.

Thanks for the replies I did not mean the only reason was because of the car but just seeing if there would be an option to finish early, I think the only way that might happen would be to win the lottery!

Or finding someone to give you a lump of money to offer a full and final settlement.

think i might have more luck winning the lottery!

Dear Ianhrp, Have you managed to get your proposal to creditors? and what was the outcome?