is settlement figure included when setting up IVA?

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mike.c

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Post by mike.c » Wed Jul 30, 2008 4:51 pm
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Once an IVA is set up, does this include a settlement figure - ie, if one were to come into cash (win money, family club together, other) - is it then possible to pay off the IVA and settle it early, for an agreed reduced amount, or does an IVA work on the basis of you pay what you can afford each month for five years, and once the term is up, the remainder is then written off?
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MelanieGiles

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Post by MelanieGiles » Wed Jul 30, 2008 5:16 pm
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Hi Mike and welcome to the forum

Your IVA will include a windfall provision which will take account of any unexpected lotter wins or inheritances or any other assets which come into your hands during the IVA which were not anticipated at the outset.

The IVA proposal will be written to offer an affordable monthly payment over a five year period usually, but you can always offer an early settlement at any time should the situation arise.
Regards, Melanie Giles, Insolvency Practitioner
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