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Posted: Mon Sep 09, 2013 2:09 pm
by Jerry.27
I have just completed year 5 of my IVA in June 2013. My IVA should have completed then but as I had to reduce my payments back in 2010 due to a salary reduction my IVA was extended by 12 months. Then because I did not have enough equity in my property it was extended by a further 12 months. My IVA is due to end June 2015. I am currently paying £168 per month. My partner is about to receive an inheritance and has kindly offered to pay my IVA in full as my IVA is causing some issue with their credit as we have a joint mortgage. I am unsure what figure to offer and how to go about this. Any advice would be greatly appreciated.
Posted: Mon Sep 09, 2013 5:11 pm
by Foggy
Hi. The starting point would be the number of months remaining multiplied by the monthly payment, which is what the creditors have agreed to be paid in the long run.
Posted: Mon Sep 09, 2013 6:29 pm
by Jerry.27
I have done a little research and even after you have made your final settlement payment am I right in thinking I am still in an IVA until I get a closure certificate? If this is correct would I still need to pay any bonus payments to my IP (Debt Free Direct). Also if we were to sell our house after the F&F payment has been made would I be required to pay any money to my IP?
Posted: Wed Sep 25, 2013 1:22 pm
by Jerry.27
Just made my F&F offer so just waiting for the date of the creditor meeting...fingers crosssed!