www.iva.co.uk

Hi, Iv'e been in my IVA for 10 months and have had to frequently make 50% payments due to overtime etc. I have worked out that these additional payments plus my existing monthly payments will mean that i will probably pay the full original debt and fees (£35000) in approx 3 years. The IVA debt offer was £14500 plus fees. Can an IVA be finished early if you have paid the original debt?
Also if you have paid up to the original debt do you still need to remortgage to release equity?

Need help - this is so confusing!!!

I just don't understand whether you are just expected to pay back IVA proposed total repayment figure, original debt total figure or whether creditors expect you to pay back for the full 5 years and remortgage even if it means you end up paying them 10's of thousands of pounds more that you owed originally?

Hi star

Once you have paid creditors in full and the costs of the IVA, the IP will close the case. That will be great for you if this can happen during the third year.

Think about it logically - once you have repaid your debts in full you no longer have any creditors!

Thanks so much for replying, IVA's can be confusing!
Your advice is much appreciated.