how can we close the iva?

[roby]

how can we close the iva?

[MelanieGiles]

Hi roby

Can you give some more information with regard to your IVA. Have all the payments been made? Do you feel unable to make any further payments?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jamesfalla]

Roby

What do you mean by "How can we close the IVA?"

Normally and IVA can only be settled early if you come into a lump sum which can be offered to your creditors as an unexpected full and final settlement. Otherwise, generally, your IVA will have to run its full course - normally 60 monthly payments + equity release if applicable

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

[neverending]

Hi
You can close an IVA early by paying a lump sum into it.This would have to be agreed by your creditors via a variation meeting and the amount needed would vary.It could be a gift from a relative, for example, or a remortgage on a property purchased post IVA.In both these cases an offer of the original dividend or slightly more would be accepted ,in all probability.If you come into money via a windfall then the full amount originaly owed plus IP fees and possibly interest would be needeed to settle the IVA.
You can,of course,have an IVA failed by your IP and this would end it early but your debts would remain.
Regards