Posted: Wed Jan 31, 2007 2:31 pm
I'm two years gone into my IVA,with 11,000 left,what is the legal requirement in terms of a lump sum final payment? would this also be in my interest?especially with regards to my credit rating?
It depends where you are getting the lump sum from. May I enquire where? If it is from a third party, then this ought to mean that your IVA can be closed a lot earlier - but you will need to ask your Supervisor to formally vary the arrangement for you.
There may be some cost savings in IP fees as well if you settle early, and obviously your credit rating will repaid itself much quicker as this starts from the time your IVA is concluded.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk