www.iva.co.uk

Hi, Im new here today and im looking for a bit of advice.
I have 5 payments of £300 per month left on my IVA. So my last payment would be June 2011. Now paying this IVA has been a long journey and it gets me down paying it every month. My mum and dad have offered to pay my IVA off for me so me and my family can have a fresh start to 2011.
Will I be able to do this and if so, will they accept the remaining £1500 as a full and final payment. My IP was Debt Matters (grr) but for the last 2years or so its Grant Thornton. Thank you in advance.

Is it really worth it given that there is less than 6 months to go? By the time the paperwork is sorted etc it will be well on the way to June.

Hi ivanewbie, welcome to the forum.

It is always worth having the conversation with your IP to see if it is possible - I would have thought paying the amoutn due as a lump should be acceptable but it is up to your IP to put it forward. I am sure someone from GT will look after you on this.

Let us know how you get on.

Regards,

Hi there

If your Mum and Dad are willing to pay the remaining £1500 you owe on your arrangement, it is well worth speaking to your IP. I am sure there is no reason why they would not accept it.

You could consider it, but really... once all the paperwork is done it really isn't going to be that short of the date anyway.

Have a word with your IP and see what they advise.... I would stiock it out... your so close you can taste the success!

You've done amazingly well and yes, it would be good to cut it short by those few months, and it's definately an option....

Good for you though in coming all this way... and it's wonderful to see you being supported by your family!

Good luck in whatever you do

shazzy

Hi all, thanks for all your replies.
I never really thought of the time it would take to sort out the paperwork etc etc. I might just let it run its course now. Its been a long and hard time but I cant wait till its finished.
Ive learnt a very harsh lesson over the last 4 1/2 years I it will NEVER happen again.
Although I am planning a few drinks or two in July with the money I save not paying my IVA anymore

I think I agree that you should stick it out now as you don't have long to go and it will probably be almost over by the time a full and final has been sorted.

Let us know when you finish so that we can raise a virtual glass to you!

Do you know from your own IP exactly how long it will take to get in place? I know everyone doesn't want you to go through any unecessary delays however assumptions might be being made. From reading your first post on this thread if it really gets you down paying it monthly and you have an option not to carry on that way - you at least owe it to yourself to see if its possible ad how long it will take - only your own IP at GT can advise you on this.

Ultimately though its your choice with whatever you are most happy with.

Either way, raising that virtual glass for you at the end sounds a splendid plan!

There is no point going to the hassle of asking your IP to call a meeting of creditors to vary the terms of your IVA when you are five months from completing it. The report itself could take up to two months to prepare, and creditors are unlikely to want to be bothered with this to be honest.

This morning, Ive just recieved a income and expenditure form to fill in and send back. Ive only just done one and recieved a letter in November to say its all gone through and my payments will stay the same. Is that normal with 5 months to go?

You do normally have to complete a final I&E to make sure that any uplifts have been accounted for.

You should not need to complete a final income and expenditure account, but wageslips should be examined to ensure that all uplifts and windfalls have been accounted for as Jan mentions.

Ive decided to leave my payments as they are and let it finish in June. I'll do a new I&E and send it off asap. Its nice of my mum&dad to offer but I got myself into this so I will finish it off.
Just one last question to ask and sorry for being a pain in bum, but in November I had to pay £269 for an exhaust for my car and in december our tumble dryer broke and it cost me £220 for a new one. I really struggled with paying for the exhaust and Ive yet to pay for the tumble dryer (mum&dad helps again.) Things like this have happened a few times over the years, is there anything I can do to include this in my new I&E forms.

P.S You've all been great and I wish I had found this site 5 years ago, but at least I have found it now. [:)]

Hi ivanewbie

what i can gather when most people have to pay out for these things - they tend to ask for a payment break.

At this stage you may just want it over and done with.

Perhaps you could pay your parents back - after the IVA.

I do know some cost can be added to I+E - but again do you want to cause any possible delay.

Like you wish i found this site when i first enter the IVA route

Let bank of mum and dad help you out if they wish to, if it were my kids and not me then it wouldn't be an option. Our kids are our kids and we do all we can for them. Dont make it anymore difficult for yourself than you need to. I am sure you will get a great deal of pleasure paying them back in due course later in the year knowing that the only debts you have are those of gratitude to your parents.