www.iva.co.uk

If you were in an IVA and had a sudden windfall(we can all dream)enabling you to pay off your debts would you have to pay the amount outstanding at the start of the IVA or the amount outstanding at the start less any payments you have made into it.

Hi,
You would need to pay off the outstanding balances to all you creditors which your IP would have on file, minus any payments you have made and then adding on your IP's fee.
You may also have a clause in your proposal stating that interest may be added to your debts.
Fingers crossed for the windfall!
I hope this helps.

Kind Regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

Hello

I agree with Nicola's comments above, I would also add that your IP's fee may be reduced if you are able to settle your debts early, so if you are lucky enough to receive a windfall you should speak to your IP ASAP for clarification on the outstanding balances and fees.

Hope this helps



AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

Thanks for your answers not in an IVA at present - just trying to find out as much information as I can and it's great to be able to ask any questions on here that come to mind

SPS
You are doing the right thing in asking questions and getting things clear in your mind before committing to an IVA.Use other peoples experiences,good and bad to fine tune your proposal.

Hi Sps,

Absolutely right, it is imperative to 'do you homework' before entering into an IVA as it is a five year commitment, with the possibility of going bankrupt if the arrangement fails!
Please post all the questions swimming round in your head and myself and the other experts will give you all the answers you require.

Kind Regards

Nicola

Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk