www.iva.co.uk

Hi I am looking to end my IVA early with funds from a family member. I have 29 payments left of £180 which is just over 5k. Do you think if I offer them the 5k they will accept this?

also just to add I am also a home owner

As you are a homeowner there is a possibility that your IVA will be extended by 12 payments and this has to be figured into an offer .... so it would be based on 29 + 12 payments = 41 payments x 180 = £7380 ---- or does the remaining 29 payments you quoted include an extra 12?

Hi no the 29 payments won't include that last 12 month Joe owner payment. Due to make a payment next Monday so will be 28 payments. So in light of this do you think£6500 would be an acceptable offer?

I think £6,500 should be looked at seriously.

Thanks very much for your help. Will let you know how I get on

Dont bother paying it early, it has no effect on anything and you wont get credit or be able to do anything differently than what you currently do in the IVA. I recently paid mine early thinking i would be able to get credit for things and get my life back on track but it was a pointless waste of money as nothing has changed. Stay with the monthly payments as the IVA stays on the record for the full 6 years even if paid.

The iva does stay on record for the six years from the date first accepted.

A full and final offer is not a passport to debt freedom and a way to start building credit again. For some people it is about health and wellbeing and being able to move forwards without having the monthly iva payment to deal with.

A full and final offer should be considered in its own merit for each individual circumstance.

Mon Feb 08, 2021 10:34 pmrobert655 wrote:

Dont bother paying it early, it has no effect on anything and you wont get credit or be able to do anything differently than what you currently do in the IVA. I recently paid mine early thinking i would be able to get credit for things and get my life back on track but it was a pointless waste of money as nothing has changed. Stay with the monthly payments as the IVA stays on the record for the full 6 years even if paid.

Most of us don't seek, or want, credit for quite some time after the IVA completes. As for benefits of finishing early there is the health and mental wellbeing aspect, no-one looking over you shoulder all the time. Any overtime and / or bonuses at work are all yours. Any inheritance arising after completion is also yours to keep, as is the regular IVA payment.