www.iva.co.uk

Hi.I have been in an IVA for 5 yrs, I have 13 months left to pay as my payments were decreased a few yrs ago due to me moving out of home so my IVA was increased to 6 yrs.My mum has offered to pay the iva off for me to help me out as things are a little tight as ive now got a child under 2.My iva company are not very helpful and are not getting back to me on info I need to do this,I have 13 months left of which I pay £196 per month so thats £2548 left,they told me I would need to offer £4000 to make an early settlement,does this seem right? if thats the case I must be better off staying in the IVA as ill be paying back less in the long run,also i got my credit report from experian and theres nothing there about my iva or any bad debt,my credit report is quite good,something does not seem right,what should I do?

louise if the criteria is right final offers less than remaining payments can be accepted,creditors like early settlements if close to original dividends.

Perhaps the £4000 is to make up the shortfall on the original dividend? I would ask them where they are getting their figures from and why you have to pay that much.

It could be to achieve a minimum dividend requirement of creditors. However a variation could remove this. Offer what you can afford and ask the IP to put it to creditors.

They may also be calculating a fee within that figure for presenting the IVA. With only 13 months to go, it may be better to just let the IVA conclude as it was intended to, however do be sure to ask when your IP is targeting this to occur by.