early repayment help

[chowells]

hi i have been in iva for bout a year now am paying £305 a month witch over 5 years would be 18300 i have all ready paid 3660 in to but my mum has said she would put up a lump sum to finish it early but i do not know how much to offer could any one help please

[Shining]

Hi and welcome to the forum, all I would suggest is that if you can get to as near as the original dividend the better.

Has your IP given you any idea? Is there a reason you need to finish the IVA early?

[MelanieGiles]

I would guess around £15,000 - but why not get your IP to work out a settlement figure for you based on returning the same dividend originally pledged. Are you struggling to make the payments at present?

[chowells]

hithanks for you replys. not struggling at the mo just my mum offerd so thought would find out bout it. my husband has been doing a bit of overtime seen we stated our iva but is not the same amount each month some months it 100 over his basic pay some time bit less so what happens to this i was told i have to pay into at end of year. also will the other effect my payments for next his basic pay is still the same

[plasticdaft]

If you arent struggling then creditors would expect to see a return of very close to the original planned dividend.

Did your Mum know about the IVA when you started out or did she find out more recently?
Seems to be quite a few people who start an IVA and dont want to tell family(and for good reasons,we are the same),but when family find out all they want to do is help out.

Paul

[kallis3]

I agree that you need to get as close to the original dividend as possible.

I could never tell my parents - they would probably disown me, they certainly wouldn't help me out!

[plasticdaft]

I have come close to telling my mother twice now. I will tell her eventually but after its all done and dusted.

Paul

ps would never ever tell the inlaws!!!

[kallis3]

I will never tell mine, even when it is finished. They just wouldn't understand having never been in debt.