Can I pay IVA off early

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Rogk21

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Post by Rogk21 » Fri Aug 08, 2008 1:20 pm
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I have paid for 2 years £250 a month i originally owed 28k and projected to pay back minimum of 15k. I've paid 6k so far if i was to offer 9k could i pay it off early? Or would i have to pay much more to cover the 28?
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Viki.W

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Post by Viki.W » Fri Aug 08, 2008 1:26 pm
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Hey Rogk21, welcome to the forum. It would really depend on your circumstances. If you can still afford the monthly payments and your circumstances haven't changed then probably not. If you want to post a few more details about why you want to finish early and where the money is coming from then the experts can help. X
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Rogk21

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Post by Rogk21 » Fri Aug 08, 2008 1:35 pm
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I might be getting back pay of about 10k which i would ideally like to pay to my IVA to close it, i'm aware that i might have to give them half of it anyway but i was hoping to close it early.
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Viki.W

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Post by Viki.W » Fri Aug 08, 2008 1:37 pm
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Right, I see, please hang in there and I'm sure one of the IPs who post on here will be able to advise you. Good luck. X
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luluj

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Post by luluj » Fri Aug 08, 2008 1:48 pm
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Sorry but think the whole of the £10k will be needed to pay into the IVA as this will be deemed as an "after accquired" asset / windfall - even though it is back pay your IP may deem it to have been prior to your IVA - depends on what dates the back pay is for etc - if after IVA was approved you may be in luck and they may decide a 50% share - but don't hold out alot of hope on this!
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plasticdaft

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Post by plasticdaft » Fri Aug 08, 2008 1:51 pm
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Lulu you may well be right,thats a hell of a lot of back pay,and it may well be seen as a windfall and be sucked up into the IVA,not the news you would want to hear I am afraid.
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Rogk21

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Post by Rogk21 » Fri Aug 08, 2008 1:56 pm
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Def not the news I was looking to hear!! I take it the only way i can get it closed early then is to pay the whole 28k?
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plasticdaft

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Post by plasticdaft » Fri Aug 08, 2008 2:03 pm
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If you are going to have to hand over the full £10k backpay,the creditors would be silly to not have you just carry on paying into the iva I am afraid.
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