Thanks for your comments but still am unsure what to do. I have asked GT to finish my IVA early, am in my final 6th year, i.e. equity in house so they made me do another year. Have probably now 10 payments to make. I approached them on this subject saying that I wanted to retire as I am 65 years old in August and basically am tired out and the thought of struggling through the winter months again as I start at 7.30a.m. and my ill health as I already have had to have two eye operations this year. A friend offered to pay the remaining payments which are £295 per month off in one lump sum in order for me to retire. I sent my income and expenditure off to GT and they rang me 2 weeks later to say they didn't advise me to go ahead with this as the creditors could make me pay an additional year i.e. 7 years now and put up my payments to double as I have more income coming in with pay rises and my state pension. I do not have a private pension at all. They really have frightened me over it. If I ring them up and tell them that I am going to retire and want to finish the IVA 10 months early have they got to put it to the creditors meeting. What things will they ask to see, i.e. documents etc and what else do I have to do pls. Also upon paying the IVA off I need to sell my house, can they touch this?
If they don't let me go ahead and pay this off early and I pay the next 10 payments is there anyway to make them issue the completion certificate early in order for me to retire and sell my house and not have to wait 6 months for the completion certificate.Sorry for going on but am so unsure about everything and don't know which way to turn!
You could ask GT to propose a variation for a full and final settlement which would allow you to retire and there should be no problem with this. However if you have advised GT of your intention to sell the property then creditors may feel it better to wait and get the equity from the sale.
If there is little or no equity in the property and you just cannot afford the payments in retirement there should be no problems at all and GT can remove their restriction allowing the sale to proceed even if the IVA has not actually completed.
