paying off the balance early as a lump sum?

2 posts Page 1 of 1
Post Reply
 
 

jane m

User avatar
Posts: 1
Joined: Sat Aug 23, 2008 4:51 pm
Location:
Post by jane m » Sat Aug 23, 2008 4:52 pm
Quote
If I am able to take out an IVA but my circumstances improve would I be able to pay off the balance early as a lump sum?

Also before trying for an IVA would I be able to negotiate with my creditors for 3 months to make reduced payments with interest and charges frozen in order to more accurately assess my budget?
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Sat Aug 23, 2008 5:01 pm
Quote
Hi there and welcome to the forum

If your circumstances improve, your creditors will expect to share in that improvement, and will not necessarily allow you to complete the arrangement early.

You could try and negotiate a freeze of interest and charges for a three month period, but I cannot see how this will help you work to a budget.
Regards, Melanie Giles, Insolvency Practitioner
Top
Post Reply
2 posts Page 1 of 1
Return to “postings for august”