www.iva.co.uk

Hello there A question, If someone could so kindly answer.

Okay Im currently 4years in my Iva, My parents offered to pay the existing amount left if possible, but i would still have to pay them back, There thoughts was so i could get my certificate and credit rating back on track.But after i read its on your credit rating for 6years is it worth finishing it early are there any gains for an early finished Iva.

Many thanks
Gavin

Hi Gavster -- basically, as you are so near the end, there is little benefit from finishing early (apart from the relief from payments). The time the IVA remains on record will not be reduced.

Add to that the fact that a variation for a F&F will take about three months -- you will be nearly finished in any event.

there are gains to be had,mainly that you will be free from the constraints of the iva.once you have your cc then your money and the fact that you don't have to justify every penny that you get to the iva company(not that there all a bad lot).you will be free to do as you wish and just wait till the 6 years is up then your back in the real world.having not to worry about things breaking down and making do as we all have to do while under the iva term.

Many thanks

Good points Back on Track -- but is it worth the heartache for a few months reprieve? Add to this that there is a high chance of the creditors rejecting such a late offer just for them to get the thing finished a few months early and having to lose £500 variation fee from the dividend.

whats the £500 variation fee from the dividend

I doubt your IP would be too keen to vary an IVA that is in its final year, for reasons which do not reflect hardship - but no harm in asking I suppose.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Gavster

whats the £500 variation fee from the dividend

Gavster - whenever a variation meeting is called it has to be paid for. The fee for this usually comes from the IVA "pot" and so is effectively paid by the creditors, as this is money they will not see.

Its a nice offer but not worth it. Just finish the iva as normal rather than end it early to then owe your parents money.

Paul