Cannot afford IVA anymore. Will my creditors write off remaining balance?

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Posts: 1
by janlou66 » Tue Jun 20, 2017 12:19 pm
I have been in a IVA since 2013...before that I was paying my debts in DM..with Step Change...all in all 11 years I have been paying my debts off.
Currently owe £6200...been paying regular payment...even though I am not working I receive Employment Support Allowance, Personal Independent Payments & my husband works full time..the payments now are getting hard because everything is going, food petrol...would my creditors take into account all what I have paid since 2006 & write off remaining balance...???
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Michael Peoples
Industry Expert
Posts: 15189
by Michael Peoples » Tue Jun 20, 2017 1:36 pm
This is quite common and creditors normally do accept what has been paid as full and final settlement. Your own IP should be able to sort this out quite easily.
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Lisa Thomas
Industry Expert
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by Lisa Thomas » Tue Jun 20, 2017 3:11 pm
It's worth putting forward a variation proposal to see if they will accept payments to date in F&F. speak to your IP.
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by Foggy » Tue Jun 20, 2017 4:06 pm
I imagine, as the others have said, a payments made to date F&F would be looked at seriously --- but, if not, then, at the very least, your IP should conduct a review to get payments reduced.

I was half way through my IVA when my circumstances went south and I could no longer sustain my IVA -- the creditors accepted payments made to date ... so it does happen, Best of luck.
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