Hello everyone,
My IVA is still quite fresh,only completed 10 months.
The total debt amounted to 23K, reduced to £7600 , 72 months of payments agreed at the start of the IVA,not a homeowner.
I am with Creditfix and since starting the IVA in September 2019 I moved home and managed to get utilities down quite a bit by switching, I communicated this and had a new I&E done which increased my monthly payment from £93 to £107.
My question may sound cheeky,asI know creditors are already writing off 67% of debt as it stands,although they are getting more than initially agreed because of the increased residual income. I have been given allowances to live within,but I have found that I can stilll save money,even after the revised payments. Creditfix is aware of all my income ( some of which will not be present in 12 months time as it is a postgraduate loan).
I have always loved frugally and never missed a payment before the IVA and maybe that is why I am not finding it particularly hard to save at the moment,and I started to consider the possibility of a f&f payment into the IVA in about 16 months.
Would this be possible or can a lump sum only come from a third party?I will be getting “free money” from the help to save account and I am able to save the excess £1000 a year between my student loan and my uni fees.
Would this be seen negatively?I don’t want to be stretching myself if there is no option to close this IVA early.
Sorry for the long post and I hope this makes sense?