I am already in an IVA and going through divorce and sold the property. I am trying to pay it off early and wondering iI can go straight to creditors and pay it off straight away.
Sorry about the divorce. I presume the restriction was lifted from the sale?
You will need to let the IVA fail or speak to the IP company to see what you can do.
If, by selling the property you can pay your creditors off in full then I would let the IP sort that out for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am surprised you sold the house -- was this with your IP's involvement ? There should have been a restriction on the title.
Before the creditors will negotiate with you the IVA has to be terminated, one way or the other. Then they will add back all of their lost interest and might, or might not, be willing to negotiate.
It's a frying pan and fire situation I am afraid.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I'm surprised you managed to sell the property without the IP knowing.
All of your share of equitable interest will be due into the IVA now. If there is sufficient to pay off the total debt, plus interest plus costs then your IVA will come to an early end.
That's if you haven't already breached it due to the sale of your asset.
Last edited by Lisa Thomas on Wed Sep 21, 2016 2:21 pm, edited 1 time in total.
An IP is your Insolvency Practitioner who oversees your IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks. I never get to speak to the person i set my iva up with and my other concern is that my debt was £17000, the iva company have said i will need to pay £22000 to end my iva
The total money will include fees and statutory interest. Insist on speaking to your IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If there was no restriction then check and see if the property was excluded. Unusual but possible and if so your IP and creditors may have slipped up. Might be worth getting a specialist legal advisor to read over the paperwork.
If your original IP no longer works there, your IVA would have been transferred to another IP and you would have a new Supervisor. Insist on speaking to them.
Also what would happen to the iva if i paid my creditors off direct ? As some of these debts are also in my ex husbands name also but its just my name on the iva
