Finishing early

[Sarah]

Hi All

I was just wondering what the experts view was on this.

Since starting my IVA my job has gone from strength to strength and I have also got a side job teaching Jove dancing!

I really feel that I am in a position to bump up my payments so much that I will be able to finish my IVA 2 years early¡K¡K.I suppose my question is more for the IPs out there!

If I was to propose this to you would you welcome this suggestion as this will benefit my creditors as they will be getting everything back form me. The company I am with is Blair Endersby (I know not good and I wish I had gone with someone else) and I am going to phone them and talk this through but I know I am going to get some push back as obviously they will not be getting 2 years worth of fees!

I just want to be prepared for the push back and be reassured that I am doing the right thing as I know they will try and persuade me not to do this!

I hope what I am asking makes sense ļ

[Lisa2009]

I'm sure your creditors would be very welcoming of your suggestion to pay back everything you owe (who wouldnt). Did you mean your full debt before your IVA was approved? If so i would deffinately go for it.

[Sarah]

Yes i would be paying back about £1.20 so the full debt before the IVA... i knwo the creditors would love this but not sure about B & E as i think they are just in it for the fees!

[Lisa2009]

To be honest, their main priority is to give the creditors back as much as possible so theres no way they cann refuse it.

[Sarah]

I hope so it would be lovley to get my IVA finished early! I just dont have much faith in B & E any more

[luluj]

I understand the most you would pay back is 100% of debt + 8% statutory interest and your IP fees.

£1.20 pay back is not necessary - speak with your IP and get this in writing - but I am in the same position that our IVA will hopefully be concluded in late year 3 of 5 instead the full 5 year period due to the extra we have been paying in.....as the saying goes "every little helps"!!!!

[MelanieGiles]

I'd encourage all of my clients to attempt to pay all of the debt back at a much earlier stage. The IP's fees are charged on an annual basis, so if they can close the case in three years, then they can only charge three years of fees - but most good IPs will just be happy for you that you become debt free at an earlier stage and that your creditors get paid much quicker.

A great idea and good luck now you feel you have something worth working towards.

[Soulgrowth]

How lovely Sarah ... great that your life seems to have turned around, along with the satisfaction of being able to pay all your dues [:)]

I think that this demonstrates the other value of entering into an IVA. We never know just what's around the corner and although we may go through difficult periods of our lives, the sun can come out again for us. An IVA is a way of controlling a spiralling debt problem and bringing it under one's management again ... and if times get better we then have a more 'organised' way of addressing our debts and have more 'choices' and therefore be more empowered.

All the very best

Debbie