www.iva.co.uk

I'm guessing at the answer to this, but would appreciate it if anyone actually knows.

if; - total original debt = 100k
- original IVA agreed repayment = 85k
- improved income now means at current monthly payment total
repayment over 60 months will be circa 116k

? Does the IVA finish;

a. early, when the original agreement of 85k is repaid.
b. early, when the original total debt of 100k is repaid
c. whenever the total debt, + IVA fees + statutory interest has
been paid
d. after 60 months regardless of the amount repaid

Hope someone knows the answer and best wishes to all....

Martin

Martin, it would be d unless you earn enough to do c first.

As long as d was the original dividend.ie. you didn't miss any etc, and you don't have the equity clause. If you do and you can't remortgage then it may carry on for a further year.

Cheers Viki,

That's what I think too, probably know really - That being the case, it seems odd that if I could aquire a sum of money now to offer an F&F up to the original agreed amount, it might be accepted and I'd be saving about 31k.... don't really want to start looking for a lender, but it is tempting!!

Martin

My understanding is that it is D) that would win unless C) was reached first.

To offer a full and final now you would need to have a particular reason ie redundancy and unable to continue with current IVA agreement or change in circumstances causing financial changes etc etc.

Thanks Lulu....seems I'll just have to see out the 60 months...sometimes this seems like a very long journey doesn't it!

Martin