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Posted: Wed Aug 10, 2016 2:52 pm
by Sjf1978
What do I need to do exactly to end my IVA. A relative has offered me money in order to pay but not quite sure how to go about it
Posted: Wed Aug 10, 2016 3:09 pm
by kallis3
Hi,
It will all depend on how much your IVA payments are and how much your relative has offered.
Posted: Wed Aug 10, 2016 3:54 pm
by Foggy
You need to basically give the creditors near to what they signed up for -- so an offer has to be based upon the number of months remaining ( plus 12 if there is equity in your home)multiplied by the current monthly amount. There is scope to reduce a little, but this will depend upon the time and amounts involved.
Posted: Wed Aug 10, 2016 4:16 pm
by Lisa Thomas
Write to your IP with details of the proposal.
I will try and find the link to a loose template I have posted on here somewhere for you...
Posted: Wed Aug 10, 2016 4:28 pm
by Lisa Thomas
Posted: Wed Aug 10, 2016 9:29 pm
by moneytree
I agree with Foggy. We did the exact same thing..our son paid off the IVA for the sixth year to protect our equity..we offered the amount still outstanding, say 11 months x current monthly payment and the creditors agreed to it. IVA was settled very quickly.Our house is now sold and the equity is ours. Important point..when writing to the IVA manager say the relative is gifting the money to you, NOT as a loan. Good luck xx