I have 8 months left to run on my IVA (yeah!!!). I have been trying to save small amounts from my monthly allowance and may have enough in a few months to pay the last 2 or 3 months early. Would this be acceptable as I would still be paying the same amount but over a slightly shorter period? Would a variation meeting need to be called? Thanks for any advice.
Hi Big Ted, well done on getting this far. There is, really, no advantage to paying off a few months early. This would require a variation and will take longer to arrange than the time you have left !!!
Personally, I would carry on as is and keep the savings for celebrations later
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I completely agree with foggy - no benefit in paying it off early...you will be better placed to keep hold of it and use it to either celebrate or carry on the savings pot...you have come so far..well done.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
The main reason your IP will be reluctant to close your case early, is that you could receive a windfall before the end of the statutory term to which creditors would be entitled. With only such a short period to go, I would merely make sure your payments are made on time and ask your IP to confirm whether they are aware of any aspects of your case, or outstanding investigations, which may prevent the case closing on time.
