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Posted: Tue Jun 07, 2011 11:24 am
by PJA
I am 29 months into a 6 year IVA with DFD. Just discovered this forum and it seems to have lots of good advice.
My question.....I get paid an annual bonus and am allowed to keep 50% of this. If I was to save the part that I am allowed to keep, could I use this to pay off the IVA early, say at the end of the fifth year?
Posted: Tue Jun 07, 2011 11:28 am
by Shining
Hi PJA and welcome to the forum.
I do believe this is correct as I have read this previously on the forum, one of our experts will confirm, that you can accrue this money to offer a full and final settlement.
The forum does have good advice and there is usually someone around at all times to offer support and advice too.
Posted: Tue Jun 07, 2011 11:47 am
by morgan105
Your 50% of any bonus, overtime etc. is yours and you can do what you like with it. If you want to save it all up over time and offer a F&F then that is your choice.
Posted: Tue Jun 07, 2011 11:53 am
by kallis3
Hi and welcome from me as well.
You can use this money for whatever you like - fingers crossed that you can accrue enough to offer a full and final.
Posted: Tue Jun 07, 2011 1:45 pm
by PJA
Hi folks, thanks for the quick replies! This is really good news, I reckon I could knock 10 or 12 months off of the length of my IVA using my part of the bonus!!!
Posted: Tue Jun 07, 2011 2:04 pm
by Shining
I wish you all the best with this, debt freedom is that bit closer xx
Posted: Tue Jun 07, 2011 5:14 pm
by James Falla
Hi PJA
As has been said, you can certainly save up the 50% of your bonuses you are allowed to keep. This is money that you can do what you like with. My recomendation is always keep money like this back for an emergency. If you are able to save a reasonable sum then you will have an opportunity to settle your IVA early.