Good afternoon,
I'm currently in my last year of my 6 year Iva and have received my 6 monthly statement from one of my debt and by going by current payments being made to them via my iva it will look that I would of cleared the balance shown 2 months early.
Does the iva finish early or is money still paid as a good will gesture due to interest paid?
Kind regards
Chris
To completely clear an IVA to finish early ( other than a full and final offer) you would need to pay the full original debt from all creditors, plus the providers fees as well as the possible liability to statutory interest (8% p.a). The interest element might be excluded, so you would need to check your paperwork for mention of this. If you hit the full repayment / fees and interest early the IVA will end early, otherwise it will contnue to the agreed term.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
