www.iva.co.uk

Hi everyone,

I have 14 months left on my IVA. I am still really worried every single day that something will happen and I will be unable to keep up my payments. I pay £250 each month into my IVA, due to the recession I am just finding it hard to meet bills each month. If a family member could let me borrow some money how much do you think I would need to finish my IVA early?

Hi everyone I have the same situation but my payment is £475 a month I have 16 months left. I am with Grant Thornton, how do you go about finding how much for an early settlement and how much they would accept, is it really all over then too or do they still have a huge control over you once settled?

Thanks

Lucy

Hi both,

You would usually be expected to get as close to your orginal dividend as possible.

If you have a full and final accepted then your IVA is finished once you have the completion letter.

It will, however, remain on your credit record for the full six years from acceptance.

If the money is coming from a third party in the understanding that it is only going to be made available to clear the IVA, would it not be a simple case as multiplying the number of payments you need to make by your current monthly contribution and checking if this is suitable with your IP?

I wasn't sure if you could offer less bearing in mind the IP's charges can be up to £1000 per year? ie 16 x £475 = £7600 outstanding in the agreement would they accept £6000 or less? and if you were to make an offer for a creditors meeting and it was declined do they tend to say then the minimum they would accept or do you have to set a date for another meeting and make another offer?

You can offer what you like Lucy - the key is will creditors accept the offer. Take advice from your own IP on this point. They know your case well and are best placed to guide you with regard to the sum to be offered.