www.iva.co.uk

Just a general Question:

Im only near to the End of my 1st yr on my approved Iva, My Question is:

If I could get the remaining balance together to pay off my Iva early would that be a possibility?? Or do you have to keep paying the whole 5yrs as stated what ever situation..

Im sure payng it off early is an option, Thats if i did save the money to pay it off.. I Would just like to hear from you experts what i can and cant do

Cheers from Clive.. Hope everyone is well xx

Hi Clive,

You can pay your IVA early. You can either make a full and final offer, which should usually be near to the original dividend, or, if you have the money, you can pay your debts off in full.

If your offer is accepted, or you pay it all off, then your IVA is finished.

Your credit record will still be shot for 6 years though.

i did, just under 2 years, i worked out my monthly payment to the iva, x by the months left, minus £1000 for every full year reaming and got accepted, but i think the way things are now offer a bit less than that, when everything was worked out the creditors ended up with 2p more to the pound than originally agreed in the iva

How would you save sufficient money to pay the IVA off, if you are in an IVA in the first place?

I believe between 10% and 15% deduction might be acceptable to your creditors - discuss with your IP though first and he/she will give you a better indication. Good luck.

I did wonder that myself Melanie. If you can afford to save enough money to pay it off early, you should be paying more across to your IVA.