Can you pay of your Iva with money you have saved yourself?

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MrBT96
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by MrBT96 » Mon Jan 28, 2019 11:56 pm
Just a quick one guys :D I hope everybody is all good and well :lol: :mrgreen:
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Vince_100
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by Vince_100 » Tue Jan 29, 2019 2:27 am
Your IP will ask how you managed to save the money to pay off your IVA?
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Foggy
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by Foggy » Tue Jan 29, 2019 8:00 am
IF that money comes from your legitimate share of overtime and bonus payments, yes .... but if saved from, say, living on baked beans, probably not, as your I&E was miscalculated.
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kallis3
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by kallis3 » Tue Jan 29, 2019 9:05 am
How have you managed to save it? How much is left on your IVA?
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Lisa Thomas
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by Lisa Thomas » Tue Jan 29, 2019 10:19 am
Hi Can you tell us where the savings came from please?

Thank you
MrBT96
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by MrBT96 » Tue Jan 29, 2019 11:14 pm
Lisa Thomas wrote:
Hi Can you tell us where the savings came from please?

Thank you


Hiya :) i have only a little saved so far but it’s literally just like cash I have saved over from my wages, pretty much like and emergency saving. But if it came to a point where that pot filled up to fulfill the iva and pay it off. Could I do so?
MrBT96
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by MrBT96 » Tue Jan 29, 2019 11:16 pm
kallis3 wrote:
How have you managed to save it? How much is left on your IVA?


I have 4 years left on my IVA and only have a little saved so far basically just a pot for emergencies.. but if that pot what to fill into what I needed t pay my iva off could I?
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Foggy
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by Foggy » Wed Jan 30, 2019 7:42 am
If you are able to save that sort of money you should, in the eyes of your creditors, be making higher monthly payments to them in your IVA. I would tread carefully.
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Lisa Thomas
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by Lisa Thomas » Wed Jan 30, 2019 9:29 am
How much have you saved and over what period?

If it is material then it sounds as if your I&E may need a review and your Supervisor may need to increase your IVA contributions.

Other than a variation, you would only finish your IVA early if you paid in enough funds to repay the total amount of the debt, plus interest (assuming it applies to your |IVA) plus costs in full.
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