One off payments whilst in an IVA

[spenmotherhen]

Hi Just wondering if anyone knows about one off payments whilst in an IVA?
My sister was advised that she could make a payment whilst in an IVA and that would settle everything and she would be debt free alot earlier.
My payments are £440 per month and I have 4 1/2 years remaining.
If anyone could help that would be great thanks.
Spenmotherhen[:D]

[accgroup]

Hello

Yes, not all IVAs have to be based on 60 monthly contributions. If you have the means to make a one off lump sum payment you can do this and therefore pay off your debts a lot quicker! This is usually only available where you are able to sell or remortgage a property realising sufficient equity to make a decent dividend payment to your creditors or where a generous third party (friend/family member) is willing to stump up some cash for you (no strings!) in order to pay a decent dividend to your creditors.

The size of the lump sum depends on the size of your debt and your own individual circumstances, you should contact an IP/your IP for further advice.

Hope this helps



AccumaGroup
http://www.accumagroup.com - One of the UKs leading debt and insolvency advice firms with over 200 employees.

[spenmotherhen]

Thanks very much for the advice. I'll keep doing the lottery!! you never know.[:x)]