Can I clear my IVA early?

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by caroline212 » Fri Sep 21, 2018 5:50 am
Hi, i’m 16months into my IVA over £21000 in debt... and my circumstances have change. I contacted Payplan and did a review of my income and i’m -£359 a month. I spoke to my case officer and she said I could have a payment break to see if my circumstances will improve over time, i’m a single mom working part time for nothing each month, my only other option was to fail my IVA and apply for a DRO when it’s failed! But it’s over £20000 and I can’t because I owe more then that. I have since spoke to my ex partner and he has agreed to give me a gift to settle my IVA as i’m So worried I can’t Sleep at night. It’s only for £1000 he wouldn’t give me anymore, do you think the creditors will accept this as I will have to go bankrupt otherwise? Caroline
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by Foggy » Fri Sep 21, 2018 6:43 am
I doubt that £1000 would be accepted against a debt of £21,000. However, the gift could be used to get the debt below £20,000 for a DRO -- assuming you meet all the other criteria. If not it could be used to fund BR (£750), again, assuming you would be happy with BR. Do you rent, or are you a home owner ?
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Lisa Thomas
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by Lisa Thomas » Tue Sep 25, 2018 9:21 am
Bankruptcy will probably be more appropriate if you do not fit the DRO criteria.

My quick video here explains the basics:
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