You can pay a full and final amount but it would have to be a relative or friend who provides it.
What would be your reason for finishing early? If you are struggling with your payments you should speak to your IP and see if you can do a new I&E.
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
Yes you can -- but do not ask for a settlement figure -- this would be the amount required to settle the full debt, plus fees and statutory interest.
You need to calculate what the creditors would get if the IVA carried on to the end. Monthly repayment multiplied by the number of months remaining. You might have to add an extra 12 months if there is equity to be addressed.
When you have got that figure, depending upon the circumstances and how much longer you have to go, you could reduce it a little to reflect the reduced admin costs for the creditors and the "bird in the hand" factor.
Your IP will not suggest an amount, other than full settlement, as it is your best offer to make.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Don't forget that your credit rating will be shot for six years from the start of the IVA despite you having paid it early.
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
Ah, didn't know that. Seems little point then. I'm paying off the full amount of my original debt anyway so might as well just keep plugging away at it. Thanks again for your reply
Yes you can put forward a settlement from third party funds. This offer should be based around what you would pay if your IVA continued in the normal way (i.e how many contributions you have left, to include any extension re lieu of realising equity in any property)
