A creditors has written off part the dept. Will this have any impact on my payments ?

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Matt.rs

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Post by Matt.rs » Mon Dec 21, 2015 12:23 pm
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Hi everyone. I am about to start my 3rd year of my IVA. One of my creditors the Co op has written off about 25% of the debt due to some error on their side. Will this have any impact on the payments etc

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lifenoteasy

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Post by lifenoteasy » Mon Dec 21, 2015 12:38 pm
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It won't reduce your payments but may result in a redistribution of the funds to the other creditors to their advantage.
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.
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Lisa Thomas

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Post by Lisa Thomas » Mon Dec 21, 2015 1:08 pm
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No - I'm afraid not it just means the creditors reduce so the dividend increases. (Unless they have written off such a large amount of debt that you end up paying all your creditors off in full together with interest and costs...!)
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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