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Posted: Tue Mar 17, 2009 1:03 pm
by sharon555
hi just wondering if you can pay off an iva early and if so how can you go about it.thanks
Posted: Tue Mar 17, 2009 1:19 pm
by Bear171
I'd contact your IP & ask how much is left to pay on your IVA. Then you'll have some sort of idea as to what f&f settlement your creditors might consider agreeing to.
Good luck hun
H
Posted: Tue Mar 17, 2009 3:50 pm
by kallis3
Your creditors would normally want to see as close to the original dividend as possible, but will accept less sometimes.
Work out how much you still have left to pay and make an offer based on that.
Posted: Wed Mar 18, 2009 8:59 am
by David Mond
Yes depending of period left you could expect a "discount" of betwenn 10% and 12%
Posted: Wed Mar 18, 2009 9:41 am
by sophierose
Hi, if someone came into some money which was more than their debt, would you only pay back the total debt amount, less what you have already paid?
Posted: Wed Mar 18, 2009 9:48 am
by MelanieGiles
You would pay back the total debt amount, perhaps with statutory interest which runs at 8% per annum, plus the accrued costs that your Supervisor has incurred in running the IVA to date.
Statutory interest will only be charged if your proposal provides for this - and these days the majority do not.