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Posted: Fri Feb 14, 2014 6:11 pm
by Dennis.37
can you buy yourself out of an IVA that has been running for 2 years 4 month.
Posted: Fri Feb 14, 2014 6:23 pm
by Foggy
Hi. You can offer a full and final settlement, based on number of months remaining x current monthly amount (possibly also an extra 12 months if you have equity to address).
This is usually provided by a third party ( friend, family etc).
Posted: Fri Feb 14, 2014 6:57 pm
by Adam Davies
Hi
Much will depend where the funds are coming from, if your own funds then you may find that the IP will expect this money in addition to your on going monthly payments. Most settlements come from third party funds, eg friends or family
Regards
Posted: Tue Feb 18, 2014 12:13 am
by MelanieGiles
Where would you be getting the money from the settle, Dennis?
Posted: Wed Feb 19, 2014 12:35 pm
by Jackie.v
Hi can you explain ; if you contact your debt companies and your debt adds up to £10000 and you've been in your IVA for 2 years paying £305 a month .
If you can find £10000 would this pay your debt off? I would imagine you have to pay your IP?
Someone said earlier you have to pay the equivalent to the end of the term but that would be £20000 I just don't get it???
Posted: Wed Feb 19, 2014 1:01 pm
by Adam Davies
Hi
What was the original debt level going into the IVA ?
Regards