I've finally got a completion date for my ex to buy me out of our old house. This is 30th July and the amount I'll receive will more than pay off the balance of the IVA. The 5 year anniversary of my IVA is the end of August. The total figure for my IVA including fees, etc, was about 85k. Due to a change in circumstances, I'm now about 10k (8.3k after the next payment) away from 100p in the £. So, about 3 payments after the 5 year anniversary and I'll have paid the lot off.
I don't know if they will make me do the extra 3 months as I missed 3 or 4 months a while ago when I was made redundant. At the start, I was only predicted to pay about 50p in the £.
What is the likelihood that they'll let me out after 5 years?
My thinking is that if I ask for a completion figure then I'll end up paying the balance even if they might have let me off at the 5 year anniversary.
They will, in all likelyhood, add back the missed few months. However,with the proceeds of the house the IVA will end, anyway, when the balance of outstanding original debt, and fees etc. are taken on completion of the buy out.
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
Yeah, I was kind of hoping that they would just let me off at the 5 year mark as I'll be at over 90% by that point. I can't *not* tell them when the house transfer completes so I may as well just bite the bullet, get a settlement figure and be done with it.