I am due to finish my iva next july but im really ciyas to people saying they have failed or had to pay a lump sum? I didnt realise this, i would never be able to manage a lump sum, my income went down£300 this year but my iva amount stayed the same, im struggling as it is!!! , thanks in advance y
An IVA can fail for many reasons but a lump sum is usually to do a full and final payment.
If you have any arrears at all they are usually tagged onto the end.
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
If you have kept all payments up to date and have declared all income then there should be nothing to worry about other than jumping through the equity release hoops if you own your property.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you for replies, ive never missed a payment and only missed filling in one yearly review form, ive sent relevan payslips etc so they can see what i earn, only very little overtime, 5hours a week maybe, if that and they have had all my iva money as they contacted relevant companies themselves.
You should be fine then - your IVA company will pay the relevant companies. Hopefully you will finish on time.
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
