Can i come out of my agreement anytime to pay debt

[g_e]

I have an IVA which started in Feburary this year, my payments are £500 per month.
I owe my creditors £ 32.000.00.
I am thinking of selling my house and down sizeing to pay off all my debt.
How much do i have to pay my IVA company who have arranged the IVA?,as i have got another 4 1/2 years left do i keep paying them IVA company if i paid my creditors of in full when i have sold my home?
Can i come out of my agreement anytime to pay my debt?

[Minnie]

Hi gillespie

Welcome to the forum!

My understanding is that you could offer, through your IP, a full and final settlement. Any dealings would need to be through your IP who set up your IVA as opposed to directly with your creditors.

There are forum experts here who will also no doubt advise.

Good luck.

[Adam Davies]

Hi
If you have a fourth year equity clause then you will need to speak with your IP regarding selling your house and ending your IVA,they will be able to advise you on a suitable figure.
If you have no fourth year equity release then you could look to sell up and again offer your creditors a lump sum payment.Add up the remaining payments and deduct about 3k in saved IP fees.
Some IVAs do not allow a variation within the first two years so check your proposal.
You can stop paying into your IVA at anyime and after it is failed by your IP you could then pay your creditors in full
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