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Posted: Tue Aug 24, 2010 6:20 pm
by john c
Hello, is it possible to pay off an IVA early ? i am due to pay £18000 over the term, and if you give your creditors extra money due to overtime does this come off the balance ?
Thanks John C.[:I]
Posted: Tue Aug 24, 2010 6:25 pm
by s.b.w
You could see if your IP would be up to putting forward a full and final settlement?
I know that option was on the table for me a one point.
Good luck
Shaz
Posted: Tue Aug 24, 2010 6:41 pm
by kallis3
Hi,
You will only be able to pay off an IVA early if you have a full and final offer accepted or you pay off your creditors in full, plus fees.
Money from overtime will be spread between your creditors which means they will get a better dividend.
You will always owe the full amount to your creditors until completion.