if I have an opportunity to finish IVA early ?

[jb0]

Hi,

I'm just at the end of my second year of my IVA - no issues at all so far. Thanks to a reasonably good bonus from my company in the past years as well I've been able to add more into the fund on top of my monthly payments.

Since setting up the IVA, my circumstances have taken a positive turn and I'm a lot better off financially. What this means is that at the current rate of payments and my bonus contributions, I'll have almost paid off what was initially agreed in about 9 months - can you let me know what happens here? Do I continue paying for the remaining year and a half or so or can I stop the IVA at that point? I understand if the funds were avaialable to me in a lump sum I could offer a full and final settlement, but I'm not sure what happens in my situation here.

I realise I'm in a very fortunate position after the difficultly I was in leading to the IVA, but if I have an opportunity to finish it early I'd like to take it.

Thanks in advance,

[Viki.W]

Hey jb0, I think if you were able to pay back 100% of your original debt (before the IVA) plus interest plus IP fees then your IVA would conclude. However, if you mean that the agreed dividend would be paid off in 9 months then I think you would have to carry on with your payments, it just means that your creditors would get more of their money back. I'm not an expert though so please hang in there and one will be along to advise you. X

[aguise]

Hi jbo and welcome to the forum.
If you mean the original dvidend offered then as vicki says you will be expected to continue until the original debt is paid plus Ip fees and possibly interest at about 8%. A full and final needs toi come from a third party, eg family member offering to pay , you could possibly end the iva then as you would need to pay the third party back, if the funds come from your earnings then I would think the first would apply, original debt owed.
Wait for other answers as I am not a technical expert.

Ang

[MelanieGiles]

You will carry on paying, based upon your ongoing affordability, until all of your debts have been repaid or the five year period expires - whichever is the earlier. You may not have to pay the8% statutory interest provision - but it would be best to check this with your IP.