I am five years one month into my iva. Only have 10/11 more payments to do. I am coming up to 65 years of age and am desperate to retire, health not so good these days and very tired. I work 37.5 hours a week and start at 7.30a.m. I approached my iva company to see if a friend could pay the remainder of the payments off in one go so I could retire and sell my house. They said it wouldn't be a good idea because my income had gone up and the creditors could ask for £600 a month instead of the £295 and possible lengthen the time for another year i.e. 6 years. Don't know what to do as going through another winter is so hard for me to cope with. Can you advise me on this pls as to whether they would be likely to accept the year's payment in full and close the iva?
If there is no equity in a property I am not sure how they could extend your IVA unless you were in arrears.
If there is equity you do face another 12 months extension.
It sounds like they just don't want to do a full and final meeting because it would cost money.
If there is equity offering 18 months payments would be realistic.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Hi, obviously not the exact details, but mine was a similar situation although I had addressed the equity issue (none) and made a full and final with payments made to date. So didn't offer any further payments, this returned about 25p in the pound, which is what was estimated at the outset.
There's more to life than money....but it does help!!
64 payments made. Full and final with payments made to date accepted on 26/05/15 completion certificate received 17/06/15
I assume you have a 6 year IVA --- was this because of equity, or was it 6 years from the start ?
Do you own your property ? This might, as said above, trigger a 12 month extension in any case.
If no equity or extension with only 10 months to go and three months to arrange a variation the creditors and IP would not be keen on a variation without good reason as these meetings cost around £500 anyway and would only shorten the span by about 6 months.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If you are due to receive a pension this could explain the increase in income but if you are retiring then this increase will disappear. This should be easily done so go back to your IP and ask for the variation allowing you to retire. It may be worth deferring any pension entitlement until this is cleared up.
completion certificate received 17/06/15 
