paying off the total balance early ?

[john.jk]

Please can you tell me once an IVA has been accepted and your paying your monthly payments. Is it possible to pay off the total balance of the IVA early if you are in position to do so? Ie Selling house at a later stage or if family are in a position to help you? or will they take the remainging balance what you owe and also make you continue paying extra ? Thankyou

[aguise]

Hi John

If the money were to come from a windfall then you would be required to pay it to the iva anyway as extra. If a family member was willing to try to end the iva early and give you a loan as such then you would need to offer around the same as the original proposal with maybe a saving on the ip fees.
I am not a teckie as such so please wait for other answers.

Ang

[MelanieGiles]

It really depends upon the circumstnaces of your offer to settle early John, but a lot of the creditors are starting to turn down offers which are clearly being made simply to avoid paying into the future. Is your house included as part of the IVA offer - ie do you have to have it revalued during the final year to identify if there is equity which could be released and paid to creditors?