www.iva.co.uk

Hi

Wonder if you could help if i wanted to settle my IVA early would it be poosible. I am currently in the process of reclaiming my PPI back for a secured loan and am waiting the outcome. The amount due could pay off what would have been expected for the entire term of the IVA. If so this would enable me to move to a larger house as I currently have a two bed house and two children of opposite sex so will need to move in the next few years however this will be more difficult if still paying for IVA, or would they expect the money as well as continuing with my iva until it was to end.

Also if I did settle early and received a completion certificate would I still have to wait six years for it to come off my credit file or would my credit file start repairing itself as soon as my iva was completed

Unfortunately this my count as a windfall and therefore you would have to pay it over to creditors. Check this with your IP though to be sure.

With regard to your credit file. The IVA will stay in your file for the full term.

would it show on my credit file that the iva was satisfied if i did manage to settle early. eventually we will need to move due to only having two bedrooms but can not afford this whilst in iva so thought with potential ppi claim and ongoing payments it would equate to what i would pay for the entire iva. also half of the money that we could get back is my husbands who is not in the iva would he lose out?

If your husband is entitled to half the PPI reclaim he could offer this as full and final settlement of your IVA as the IP cannot take his money.

Once the IVA is over it would be marked as satisfied although many mortgage companies want two years post IVA before they will lend. If possible you could get a mortgage in your husband's sole name but it would be worth getting legal advice on this and discussing everything with a financial adviser.

This sort of payment definately ought to be treated as a windfall, so unless you are going to pay your creditors off in full I doubt you would be able to offer this sum in full and final settlement.