Early settlement
Posted: Thu Feb 27, 2025 11:06 am
Hi there,
In December I will make the final (72nd) payment into my IVA, and in total I will have paid 85% of the total owed amount, and fees.
I have been told to extend my payments by a further 12 months in lieu of equity release, which will take me to almost 98% of full repayment.
I have asked for this to be reviewed as we have a leak in our roof, and an unconnected damp problem in our house. We also have two cars that are essential for our jobs but are old and require maintenance, the costs higher than what is budgeted.
I have been told that the only way to prevent the further 12 months is to offer creditors a lump sum in lieu of the extra months, but no indication of what size lump sum would be appropriate.
Can anyone advise whether they have had success in paying over a lump sum and terminating the IVA before the extra time kicks in? If it helps, come December I will owe around £7k still.
Thanks.
In December I will make the final (72nd) payment into my IVA, and in total I will have paid 85% of the total owed amount, and fees.
I have been told to extend my payments by a further 12 months in lieu of equity release, which will take me to almost 98% of full repayment.
I have asked for this to be reviewed as we have a leak in our roof, and an unconnected damp problem in our house. We also have two cars that are essential for our jobs but are old and require maintenance, the costs higher than what is budgeted.
I have been told that the only way to prevent the further 12 months is to offer creditors a lump sum in lieu of the extra months, but no indication of what size lump sum would be appropriate.
Can anyone advise whether they have had success in paying over a lump sum and terminating the IVA before the extra time kicks in? If it helps, come December I will owe around £7k still.
Thanks.