www.iva.co.uk

I am in my last 12 months of my IVA. I want to know if I can buy myself out of the contract with my debt company.

Hi LY and welcome to the forum

In a nutshell the answer is "YES" - anything is possible within an IVA contract, but as you are so close to the end your IP might prefer the arrangement to run to its natural conclusion. It may also take them several months to be able to issue their variation report to creditors, and this the benefit of early settlement for all parties wanes each month.

Is there a specific reason which leaves you wanting to accelerate the closure?

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles

Hi LY and welcome to the forum

In a nutshell the answer is "YES" - anything is possible within an IVA contract, but as you are so close to the end your IP might prefer the arrangement to run to its natural conclusion. It may also take them several months to be able to issue their variation report to creditors, and this the benefit of early settlement for all parties wanes each month.

Is there a specific reason which leaves you wanting to accelerate the closure?

Thanks for that. A relative is offering to pay up for me, so I can start getting a 'good' credit score again. Would they accept?

They could well accept an offer of the remaining payment due under the IVA. However, paying early will have no good effect on your credit score, which will remain in the pits until the 6th anniversary of the start of the IVA.

I've found out I have just under £4000.00 ( that would take me up to jan 15)

So I could pay all that and that would be the end of it?

Hi,

You can do a lot of things in an IVA, and of course you could offer a F&F, however, your IP may wish to see the IVA to its full term. Best to identify what you can offer and discuss with the IP.

Sorry can you explain what IP and F&F are.