I am 29 months into a 6 year IVA with DFD. Just discovered this forum and it seems to have lots of good advice.
My question.....I get paid an annual bonus and am allowed to keep 50% of this. If I was to save the part that I am allowed to keep, could I use this to pay off the IVA early, say at the end of the fifth year?
I do believe this is correct as I have read this previously on the forum, one of our experts will confirm, that you can accrue this money to offer a full and final settlement.
The forum does have good advice and there is usually someone around at all times to offer support and advice too.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Your 50% of any bonus, overtime etc. is yours and you can do what you like with it. If you want to save it all up over time and offer a F&F then that is your choice.
You can use this money for whatever you like - fingers crossed that you can accrue enough to offer a full and final.
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
Hi folks, thanks for the quick replies! This is really good news, I reckon I could knock 10 or 12 months off of the length of my IVA using my part of the bonus!!!
As has been said, you can certainly save up the 50% of your bonuses you are allowed to keep. This is money that you can do what you like with. My recomendation is always keep money like this back for an emergency. If you are able to save a reasonable sum then you will have an opportunity to settle your IVA early.
