Ending IVA early

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1

Salba

Posts: 2
Joined: Thu Sep 16, 2021 7:40 pm

Post by Salba » Thu Sep 16, 2021 7:46 pm
Hi all,

I have 9 months remaining on my IVA and I have had a big reduction in my income due to changing jobs mainly for my own sanity, had allot of time off for mental health reasons and it was best all round.

On my new wage my DI is -£63 a month where as I was paying £200 a month previous. As at my last review I had paid 27.5 p in £ to the creditors so far.

What are the chances of ending early based on funds received? I cant even see a reduction being an option at this point as I'm not saving any money on travel with the new job.

Any advise would be greatly appreciated

Foggy

User avatar
Forum Expert
Posts: 33039
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Sep 16, 2021 8:08 pm
It is not beyond the realms of possibility and will, in part, depend on what the predicted dividend was when the creditors agreed to the IVA in the first place. On the face of it a dividend of around 27p isn't bad.

My IVA was wound up, based on payments made to date when the payments became impossible through a sudden and drastic change in circumstances. This was literally half way through the agreed term. However, by virtue of extra income and PPI, I had, by that time hit the estimated dividend figure.

I would suggest a chat with your IP as a F&F based on inability to continue payments is pretty much 'do or die'. It might be an idea to also agree a payment break while this is being prepared, relieving the pressures right away, as this could take a few months to get through and three missed payments without approval could see the whole thing fail --- which would be more than tragic at this stage.

Best of luck.
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

Salba

Posts: 2
Joined: Thu Sep 16, 2021 7:40 pm

Post by Salba » Sun Sep 19, 2021 3:54 pm
I have 9 IVA payments left and due to mental health issues have had to take a new job at a lower salary. My disposal income will be -63 a month on my new wage. Can an Iva be closed based on funds received? I don't want it to fail when I am so close.

kallis3

User avatar
Forum Expert
Posts: 76914
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sun Sep 19, 2021 4:18 pm
You can ask but bear in mind it may take 3 months to sort out from the application, you need to speak to your IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

User avatar
Forum Expert
Posts: 33039
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sun Sep 19, 2021 4:48 pm
Identical topics merged to keep all replies in the same place.
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
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”