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Posted: Mon Sep 17, 2007 9:15 am
by richthree
I'm currently half way through an IVA, I'm due to leave my job with a substantial amount of money, enough to pay off the remaining amount I currently owe on the IVA, would it be possible for me to pay the IVA off before the 5 year point.
Posted: Mon Sep 17, 2007 9:47 am
by MelanieGiles
Hi richtree and welcome to the forum
Are you being made redundant and going to a new job? If so, then the money you are receiving wil be treated as a windfall and have to be handed over to the supervisor in any case. If this provides enough money to pay all of your creditors in full - the costs of the IVA and potentially statutory interest, then it may be possible to end the IVA at an earlier point.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Posted: Mon Sep 17, 2007 10:33 am
by iva_squirrel
Hi richtree and welcome,
I believe that money will be considered as a winfall. I suggest you speak to your IP and find out if that money will be enough for a full & final.
Regards,
Michelle P.