paying more than originally borrowed

[Martin2011]

I'm guessing at the answer to this, but would appreciate it if anyone actually knows.

if; - total original debt = 100k
- original IVA agreed repayment = 85k
- improved income now means at current monthly payment total
repayment over 60 months will be circa 116k

? Does the IVA finish;

a. early, when the original agreement of 85k is repaid.
b. early, when the original total debt of 100k is repaid
c. whenever the total debt, + IVA fees + statutory interest has
been paid
d. after 60 months regardless of the amount repaid

Hope someone knows the answer and best wishes to all....

Martin

[Viki.W]

Martin, it would be d unless you earn enough to do c first.

As long as d was the original dividend.ie. you didn't miss any etc, and you don't have the equity clause. If you do and you can't remortgage then it may carry on for a further year.

[Martin2011]

Cheers Viki,

That's what I think too, probably know really - That being the case, it seems odd that if I could aquire a sum of money now to offer an F&F up to the original agreed amount, it might be accepted and I'd be saving about 31k.... don't really want to start looking for a lender, but it is tempting!!

Martin

[luluj]

My understanding is that it is D) that would win unless C) was reached first.

To offer a full and final now you would need to have a particular reason ie redundancy and unable to continue with current IVA agreement or change in circumstances causing financial changes etc etc.

[Martin2011]

Thanks Lulu....seems I'll just have to see out the 60 months...sometimes this seems like a very long journey doesn't it!

Martin