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Hi - this is a kind of follow on from my previous question.

My dad has kindly offered one lump sum to pay off the IVA early.

My debts amounted to £22,000- and i have been paying now for approx 18months.

Apart from the fact that i will not have to pay this money in the future should i pay off now. Will this have any other advantage on my credit rating OR if i apply for a mortage with my finanace? He has approx £30,000 as a despoit and we will be looking for something in the region of £160,000. He earns £21,000 and i earn £19,000.

Im getting completelty stressed as i still havent explained the situation fully to him. (i will do) just need to clarify my facts first.
Any advices welcome- thanks in advance.

Hi rl

You should really discuss this directly with your IP. Can you advise how much your are paying on a monthly basis, and what your IP's annual fees are so that I can try and ascertain what return you will be offering. Also what dividend did you originally offer to your creditors.

With regard to the mortgage, you may well find that you have to pay a slightly higher interest rate because of the IVA, but this will not be a significant difference.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk