www.iva.co.uk

HI. Just trying to sort a few things out!!

We are in year 6 of IVA and our anniversary date is end of October 16.

We had a 6 month payment break and also agreed to make a few extra payments in lieu of private Number plate!!!

With this in mind the extra payments would take the finnishing date to Aug 17.

We have been lucky enough to be able to make overpayments due to lots of overtime where we get to save our 50%, by doing this we could probley pay all our payments due, by the end of this August16 using the money we have saved.

We would like to know:
If we do pay all the payments by then what would our supervisor require from us?
IE,Bank statements,etc.
By finnishing early would we then have an early review? or would they wait until OCT? and would we still be subject to any restrictions while they are closing the IVA?
Many many thanks for taking the time to read this!!!!

Baldy and wife.[:)]

Hi

I think they will just wait to close your case as they will not call an earlier creditors meeting due to added cost. Paying all remaining payments upfront will give you peace of mind but that will be the only advantage in my opinion. Your IP will still do a final review and may want further payments for any overtime up until August.
At this stage my advice is to just carry on making your required monthly payments and to put any overtime share to one side

Good luck

Regards

Good question,because my sixth year end is on July 9th,and freeman jones in formed me on January 4th that I owe £622 for a payment holiday and about £850 in arrears for extra pay as I work on price work and my wages vary.My last payment to FJ is July 31st so if on August 1st if I pay the arrears off in one go would my IVA be finished.
Sorry for hi-jacking the thread

Hi Andy.

Many thanks for the reply. i guess for them it would make sense to wait until the anniversary date of October to close it.
It would be nice to be able to benefit more by not having to give them 50% of all my overtime every two months!!!


I guess until you get your certificate you are still bound by the terms of evrything?

Yes it would be a huge weight off my shoulders if we could pay them all the payments and finnish. I also understand thatwe wont come off the register until the six years are up anyway.
Do you think if everything was straight foward we could get off the register pretty quick?

Many thanks
Baldy

Hi

If your IP concludes your IVA shortly after your final payment, and the final review, then they will notify the Insolvency Register and you will come off this. You will also no longer be under the terms and conditions of your IVA
A record of your IVA will also come off all of the credit reference agencies after the six year point [you will need to check this] so you should be able to start to rebuild your credit rating if you want to

Regards

Hi Watzki,

So we can give you a finite answer regarding your IVA please pop me an email to Steve.hewitt@freemanjones.com. I'll then be able to look at your case and ask the team to contact you directly.

I look forward to hearing from you.

Regards