can i reduce the term of IVA to 3 years?

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julie68

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Post by julie68 » Tue Aug 10, 2010 1:31 pm
i have just completed the first year of my iva it is meant to run for 5 years can i reduce the term to 3 years?
Full and final accepted 7th February 2012. Final payment made 4th April 2012 hip hip horray !!!
Certificate of completion received 7th September 2012
 
 

Michael Peoples

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Post by Michael Peoples » Tue Aug 10, 2010 1:38 pm
Hi Julie and welcome to the Forum.
Your IVA period can be reduced if you pay in full or propose an early settlement. There are other reasons for early closure such as redundancy, illness or retirement but you need a vary good reason.

Why does your IVA period need to be shortened?
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

julie68

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Post by julie68 » Tue Aug 10, 2010 1:50 pm
Michael Peoples wrote:

Hi Julie and welcome to the Forum.
Your IVA period can be reduced if you pay in full or propose an early settlement. There are other reasons for early closure such as redundancy, illness or retirement but you need a vary good reason.

Why does your IVA period need to be shortened?
I want to shorten my IVA as i have managed to get some overtime at work and want to clear the IVA asap. Im also considering moving in with my partner but i think they will take his income as well and dont want him to be liable for my debts.
Full and final accepted 7th February 2012. Final payment made 4th April 2012 hip hip horray !!!
Certificate of completion received 7th September 2012
 
 

Shining

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Post by Shining » Tue Aug 10, 2010 1:51 pm
As I understand it your IVA will only conclude if and when 100% of what is owed is paid to your creditors and the IP fees of course. Any further income should be disclosed to your IP and some of this may be required to be paid over to the IVA x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Michael Peoples

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Post by Michael Peoples » Tue Aug 10, 2010 3:12 pm
Your partner will not be liable for your debts but your payments may increase if your surplus increases. I doubt if creditors would allow an early closure if you were still in a position to maintain the IVA.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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