Will my debts be written off ?

[Sean.hs]

hi, i think i only have a year left to pay of my iva,ive payed every month for 4 years, will that be my debts written off, i dont understand it to be honest, im hoping they will be, thanks sean

[plasticdaft]

You shouldnt really be unsure of things 4 years in!!

Once you have made your final payment then remaining debts are written off.

Paul

[MelanieGiles]

So long as your IVA successfully concludes, you will be released from the remaining balance owing to your creditors once your IP has closed the case. Hopefully this will be very shortly following the making of your final payment.

[DebtlineUK]

This all depends on your particular IVA case, if you are a Homeowner and unable to release equity it may of been agreed during proposal to extend, or if you have had to vary your IVA at some point as there is no specific clause written into the Insolvency Act 1986 that states an IVA will only last 5 years however this is the general ruling as long as everything has been concluded.

Additional to this, debts are not always written off it depends if there is surplus debts outstanding after completion, if so then yes this will be written off completely however you may of also paid the entire debt back in some cases therefore nothing to write off.

Regards,

[kallis3]

Hi,

I've removed details from your signature as you are not allowed to advertise unless you are a forum expert.

[Tina Shortland]

Hi Sean - sounds like you could do with a chat with your IP to fully understand how things will end and what to expect, it shoudl have been explained to you well before now but I know 4 years is a long time so it may have got forgotten. Feel free to ask as many questions on here though as you need but your own IP will be able to answer more specific questions as they know the detail of your own case.

Well done for getting this far - its so good being much nearer to the end than the beginning,

Regards,