www.iva.co.uk

I am due to finish my iva next july but im really ciyas to people saying they have failed or had to pay a lump sum? I didnt realise this, i would never be able to manage a lump sum, my income went down£300 this year but my iva amount stayed the same, im struggling as it is!!! , thanks in advance y

Hi and welcome,

An IVA can fail for many reasons but a lump sum is usually to do a full and final payment.

If you have any arrears at all they are usually tagged onto the end.

If you have kept all payments up to date and have declared all income then there should be nothing to worry about other than jumping through the equity release hoops if you own your property.

Every IVA is unique so if people fail their IVA it's because they have not been able to stick to the terms and have breached it in some way.

Lump sums are a possible way of ending an IVA, sometimes early than the original set end date.

The two are different things.

Thank you for replies, ive never missed a payment and only missed filling in one yearly review form, ive sent relevan payslips etc so they can see what i earn, only very little overtime, 5hours a week maybe, if that and they have had all my iva money as they contacted relevant companies themselves.

You should be fine then - your IVA company will pay the relevant companies. Hopefully you will finish on time.

Thank you, im starting to get a bit nervous now, its been a tough few years, cant wait for it all to be over!!

Hopefully the next few months will fly by.

It'll be over soon. Don't be nervous, be exicited!

You're shortly going to be completely debt free!

Also what ever you face or crops up, someone on here will be able to advise you.

Good luck!