Is it possible to up your IVA payments in order to finish early ?

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Nat.p

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Post by Nat.p » Tue Aug 09, 2016 2:05 pm
Hi do you know if possible to up your iva payments to get the iva finished early? Or would the extra payments just go to your creditors? Thanks
 
 

kallis3

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Post by kallis3 » Tue Aug 09, 2016 2:07 pm
Hi and welcome,

No, extra payments won't end your IVA early unless it means you can pay 100p in the pound plus fees and statutory interest.

You can make an offer of a full and final arrangement to complete early if you have funds to do so.
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
 
 

Foggy

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Post by Foggy » Tue Aug 09, 2016 3:22 pm
Extra payments will go to creditors to increase the dividend. If you can afford to increase your monthly payments, or give your IP reason to think this is the case, he / she might seek to increase them anyway.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Lisa Thomas

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Post by Lisa Thomas » Tue Aug 09, 2016 3:46 pm
ONly if you were able to pay off the total debt, plus statutory interest, plus the costs in full.

More importantly where are the extra funds coming fro? If fro your own income sources you will be asked to pay extra in when your I&E is next reviewed.

However if coming from third party funds then you can make a settlement offer to finish your IVA early.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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