I have just been telephoned by my IVA provider to say that my offer for settlement (out of a redundancy package) has been accepted by my creditors in a final meeting, thus finishing my IVA 2 years early. I have been in debt from the day I graduated in 1993. Trying to pay this off on my own and rid m...

luluj - Oh no, not offended at all (sorry if you thought I was [:)]) and I genuinely appreciate you taking the time to offer advice. The idea of a windfall instead of a settlement opportunity is just something I had not been informed about by my advisors. I am very grateful to you for pointing this...

Thanks for your replies - in respect to the reply from luluj and the idea of a windfall. My redundancy is voluntary. The offer leaves me enough from my redundancy to last until I can sign on, should I not find work. I discussed the situation and possible ramifications in depth with Payplan before pr...

Due to redundancy, I am making an offer on my IVA. I have just received the proposal from my IP which I am to sign and return to set the meeting with the creditors. On the paperwork it states that Payplan will be taking £500 + VAT out of the offer in order to set up this meeting with the creditors. ...

Thank you for the assurances - much appreciated. I don't know if the questions were rhetorical but in case they weren't I'll try to answer as briefly as possible to save boring you! I went ahead with the company because I researched various debt management companies and these (at the time) seemed to...

I hope someone can offer me some advice before I approach my IP as I don't trust them very much. Sorry for the long question. My IVA is due to complete in April 2011. I have the chance of voluntary redundancy in December with a package of £13,700. The total of my IVA commitment is £26,880 (£9,000 fe...

Thank you, I take your point. What had raised my hopes somewhat had been the fact that these companies were alledgedly supposed to prefer a quick turnaround on their investment. I hoped that shortening the time span for repayment term might allow me some leeway with the actual amount of money involv...

I appreciate you taking the time to answer my query but I am a little confused. I was advised on this site that when debts are sold on it is usually for between 12 - 20% of the debt. At the top of this range, 20 %, that means my debts of £37,000 were sold on most probably for no more than £7,500. I ...

Thank you - the IVA took so long because Payplan told me that by moving back to the family home, therefore cutting my expenditure and making high payments under the management plan, my interest was more likely to be frozen. I told them moving back to the family home was far from ideal and I wanted t...

I am just about to miss my first payment in to my IVA due to a personal matter. It would have been my 15th payment and I have not missed any previous payments. There will be no problem with the next payment due in May. Can you tell me where I stand? ie I have informed my IVA company (Payplan) - do I...

I have been told that when companies sell debts on, the buyer normally takes them over for between 10 and 20 % of the value of the debt. Is this accurate?

My IVA company have been pretty evasive in the past and some independent advice will be appreciated. I have just completed my first year in an IVA. My payments have gone up - fair enough - due to my annual increment at work. Now I am told my department is closing in 13 weeks and my new salary within...