www.iva.co.uk

Hi all, we are in our last 9 months ( year6) of our iva. Never missed payments and never asked or had a reduction. We pay quite a lot monthly into our iva. We have 5000 left to pay making our total paid around 46000 in total. However we gave been offered money 2900 by our daughter to make an offer to finish the iva early. This is because our financial situation has changed and we will struggle to make the remaining monthly payments and it is also affecting my wife quite badly(recovering alcoholic) so we just want it gone. Can anyone tell me how long the process takes before ( if they do accept our offer) it is accepted and ended, as im concerned about forth coming monthly payments.

Hi,

You can offer to pay it off but to be honest, by the time it has been sent to the creditors and been accepted, you may well have finished anyway. You can tell them of your situation and ask that they take payments made to date to finalise things. One of our posters on here managed that with his when his situation changed.

Hi Kallis and thanks for the reply. I have spoken to them and tbh they are helpful and have offered the 15% reduction but that wont really help. Also id rather just have it finished asap, however i didnt realise how long it takes (upto 3 months) for it to be accepted. By this time the money we could offer would more or less make up the out standing payments left. Im really confused as what to do now. Would it make any difference finishing early to help with changing our mortgage to a more affordable lender or would that have to wait for the 6 years to be complete. Our mortgage atm is very high as it was taken out when i was self employed so classed as high risk. Im direct employed now and have been for the last 4 years

It does take a while to set up a meeting unfortunately and your credit rating will be shot for the whole six years. As regards your mortgage I would suggest that you speak to a specialist mortgage advisor. We do have one on here. IVA Mortgage Expert. Give them a call.

Thanks Kallis, do you have a name or contact details for them

0800 488 0004 IVA Mortgage Expert

Also we are offering the full outstanding amount left on the iva plus there is a £500 fee because it is a variation of the iva/paperwork.
If we (my daughter) pays the full amount up front to my iva company before all the paperwork is done and offer sent to creditors. Do we stop paying our monthly iva payment as all the money has been offered to finish 8 months early. Otherwise we will end up paying more than the amount left oustanding

Bear in mind that you will always end up owing the full amount of your original debt until the IVA is completed and not just your IVA payments (if that makes sense).

As regards the offer - you have to make it known that the money is only available for the full and final and will be withdrawn if not accepted. Do not pay it across until it is accepted otherwise it will just be paid into your IVA which will then continue to the end.

You can also stipulate that any monthly payments made now be taken off the amount you are offering.

Thanks Kallis. We have 9 months left at £601 a month. We have offered the full outstanding 9 months payments totalling £5409 plus the variation fee of £500. Is this likely to be rejected as its exactly whats left on the outstandind payments. My wifes job is up in the air atm, so we want to clear the iva incase the worst happens and we dont have the funds for the monthly payments. My daughter is making the payment on our behalf only if accepted

Creditors may well be happy with this offer as it clears their books. Also mention about the possibility of your wife losing her job. Just make sure you are clear about the money only being available for the F&F

I believe they will want to know the origins of the offer for money laundering checks.

My daughter has sent in all her id paperwork etc. i have mentioned that my daughter will only pay the F&F if it is agreed by creditors. Also the reduction of the F&F pro rata, taking into account further monthly payments until it is agreed and the F&F monies paid.
Just waiting on my IP now to get the paperwork sent over to the creditors.
I know she is very busy and staff off due to illness.
How long in general does it take Kallis

It can take a couple of months as they have to contact the creditors to set up a meeting. You could try pestering them for an update. Hopefully it will be soon.

Blimey i thought it would be a couple of weeks not months. I need to press them then as they have already started letting people go at my wife's works

Unfortunately not - they have to contact all of the creditors and set the meeting up. I would pester them if I were you.