I have an IVA with Credit fix and payments are payable until 2018. I am looking to retire later this year and use my lump sum to pay off my mortgage but i'm not sure how this will effect my IVA. Can you advise?
Unless the pension proceeds are excluded in your arrangement any lump sum will be payable into the IVA, also you would be increasing the equity in the property, which the creditors would want their share of under equity release --- this, of course, might be academic if there is a sizeable amount of equity there already.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
One of the forum experts has suggested that IVA companies may not be able to give advice in this area as it is now regulated.
You may want to get the figures together and look at a number of options including whether you can do a full and final settlement if you take part of your lump sum if you retire.
Wording will be critical if you make that approach but I think that CF are quite glad at the moment to get as many people off their books as possible.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
