www.iva.co.uk

can ypu pay off your iva early or make more increase your payments?

can you work in a bank if you have an iva?

Hi and welcome
I,ll start with your last question.You will need to check the terms and conditions of your employment as quite often there is a clause that affects your employment if you enter into an insolvency agreement.
Once in an IVA you can end it early if you have a lump sum[from a friend,family or equity from a property]In these cases you can often just pay in an amount that returns the original dividend proposed.If you have a windfall[inheritance/lottery win]then again you can end your IVA early but you will need to pay all of the windfall over upto the value of your original full debt plus IP fees and statutory interest.
You will be required to pay in more to your IVA if your disposible income increases and this will return a higher dividend to your creditors and will not conclude your IVA early unless you have paid the full 100p dividend plus IP costs and possibly interest.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi o_ma and Welcome to the Forum!

An IVA can end early through a Full & Final Settlement, this is when a lump sum of money is released from equity in a house or friends/family helping out. This would need to be talked through with your I.P and gain their approval of the figure offered.

Some IVA's have clauses by creditors which will prevent any variation for the first 24 months, so you may want to check your terms and conditions.

In regards to your employment, I would advise that you contact your HR department and ask for a copy of your Terms of Employment as it may state you cannot enter any voluntary arrangements or declare yourself bankrupt.

Best Regards. IVA Experts

Hello,


The length of an IVA is dependent on your circumstances and if they change the term of your IVA may also change.

There are two ways to finish an IVA early either to pay it off or annul it by declaring yourself bankrupt.

The first way would be to repay of your debt early. This is not as uncommon as you may think especially for those who own a property with equity. If when your IVA starts the equity in your property is not sufficient to clear your debt the Insolvency Practitioner will check its value annually so that any future increase in value can be considered.

In regards to your employment, I would advise that you contact your HR department.

Kind regards,



Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

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We have proposed many IVAs for people that work for banks but each position and bank have it's own policies on this. You would need to contact the HR department or check the terms and conditions for that specific role.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp