Hi I have just started my IVA(march 2014) and will repay a total of 6K of the 12K owed in total over the next 5 yrs. My father is horrified to hear that I am in debt and is wanting to pay the total 6k now although that is all his life savinngs. Ive told him the repaymentsare manageable and anyway it would be classed as a windfall, and I would still be judged capable of affording the remainder as calculated on my income at the start of the IVA, so nobody wins except my creditors-- am I correct ? Thanks for any advice
You could put forward an offer that the money is only available if accepted as full and final. If creditors refuse the IVA runs its course as normal. I am sure creditors will be delighted to get paid early.
