IVA Early Repayment help

[jaihind1975]

Hi Readers,

I started a joint IVA with my wife last November (2006) and was wondering if anyone knew the minimum payment the IVA company would accept to end my repayments ?

I currently pay £1,250 a month and have made 10 payments and missed 1.
My total repayment is £1,250 * 60 = £75,000
I have paid £1,250 * 10 = £12,500
Fees are £3,000 initially and then £1,500 a year = £8,500

What would be the minimum I would have to pay to end this IVA ?

Any help would be appreciated.

Regards,
Wanting to be debtfree !!!

[Adam Davies]

Hi
Between 58 and 60k presuming that you have no equity clause in your IVA.Your proposal will have to be agreed by your creditors.Can I ask where the lump sum will come from ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[jaihind1975]

It will come from parents. I don't have it as yet and if I did am sure IVA company would take it. I didn't think it would be as much as 58-60. As I have paid £12,500 and fees left to be paid to the company is £7500 surely a figure of around £50,000 would be closer to the mark.

[Adam Davies]

Hi
Your IVA requires you to pay in 75k and you have paid in 12.5k,you will also get a reduction on IP fees of about 4.5k,leaving 58k to fund,plus a variation meeting cost.
There is a chance that your creditors will accept less but your IP will need to demonstrate that you will be unable to return the 75k with a good reason.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp