do you have to pay IVA amount or original debt

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paula0

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Post by paula0 » Fri Nov 02, 2007 5:57 pm
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Hi, If you are able to settle your IVA do you have to pay IVA amount or the original debt amount
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Andrew Graveson

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Post by Andrew Graveson » Fri Nov 02, 2007 5:59 pm
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Hi paula0,
I think the answer to this will be connected to the specific terms in your IVA, and also to the reason that you're now in a position to settle. One of the insolvency experts will be along soon......

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
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Adam Davies

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Post by Adam Davies » Fri Nov 02, 2007 8:06 pm
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Hi
If you receive a windfall then you have to settle the original debt plus IP fees and statutory interest.
If you are in a position to settle your IVA early because a third party will loan/gift you the money then you can offer the dividend originally proposed.
If you have the fourth year equity release clause it then becomes more complicated
Remember,you owe your full original debts until the IVA is concluded,less dividends paid.
Regards
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
Andam Davies
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