Hiya to All members,
I have been just added into IVA. I have been woth IVA in just 4months.I just want to ask a question regarding me early settlement?
Can I apply early settlement.And make full payment to my crediters.I have been taken loan with 3 crediters total amount of 34000 pound.And Now I have to pay back total amount 4350. So if I offer full amount .because one of my friend offer me to pay back my full settlement.So what is the chances to pass my offer to my crediters.Or its too early to offer them. What is the chances to being approved my proposal?.
A request to end iva with a full and final offer to creditors needs to be based on the remaining payments left by the monthly amount being paid, plus any equity due at the end of the iva.
If this equals your suggested payment of £4350 then you can put it to creditors for consideration with an explanation of where the money is coming from and for what reasons you wish to end early.
Your credit record will continue to show the iva for the full 6 years.
Creditors may well see this as an opportunity to receive money sooner so may well be looked at favourably.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Some IVAs have a clause preventing early settlement within the first 6 months or year. If yours does you will have to wait that long before making the offer. Other than that, if the creditors are getting all of the agreed payments (plus 12 if you are a homeowner) in an early lump, I see no reason for them to refuse.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk