if i pay back 40% within 5yrs

[auntie-debs]

If I was able to pay off the debt incurred within the iva in less than 5years, would I still have to pay off the rest of the outstanding debt? Ie if i pay back 40% within 5yrs will i still have to pay off the remaining 60%

[Lisa2009]

If through changes in income you were able to pay more into your IVA it would still run its full course unless you were able to pay back 100% of the original debt plus stat interest (8%)

Paying more in just means that your creditors would get a higher dividend

[indebtforever]

you could if you can offer a full and final settlement paying the creditors as close to the dividend that they were going to recieve at the end of the term and the rest of the outstanding debt would be written off if accepted

[Lisa2009]

As i didnt completely understand your question, i will answer it from the other side of the coin also.

An IVA will be set up based on affordable monthly contributions for 5 years(usually)
After the 5 years the rest of the debt could then be written off.
If you are a home owner and have equity in your home then in the 4th year of the IVA you would be required to try to remortgage and release some of the equity also for the benefit of your creditors.

As said above, if you are then able within the 5 years to pay more into it...ie from bonuses, payrise or overtime then the IVA would still run for 5 years but will give more back to your creditors.

Hope that helped. If not then please post more details so more advice may be given.

[Lisa2009]

Three different answers to three different ways the question can be interperated LOL

[indebtforever]

yes i see we covered everything[:D]

[Lisa2009]

[:D]

[plasticdaft]

Remember that your monthly payments will be the best you can afford.