When I started my IVA I had debts totalling £17,602. My nominee’s fee is £2500 and the supervisor’s fees are £1000 per year fixed fee.
Due to fortuitous circumstances I have been able to increase my payments regularly and by November I hope to have paid in £17,650 after 41 months. My monthly payment is £850.
I know to finish my IVA early I would have to pay my debts plus all fees but it may be that a relative can offer me £4000 at the end of the year if this would help and early closure of my case.
My question is, would £4000 be enough for creditors to accept as a final figure (the total paid in would be £21,650) and an early closure or would they prefer for me to keep paying my regular payment for a further 9 months (total paid in £25,300)?
The £4000 will not be available to me unless it is to close out my IVA.
Actually, written down this seems like quite a daft question, OBVIOUSLY they would want more money!! Just wasn't sure if an early finish would be preferable for the creditors as well. [:)]
It might be accepted since creditors get their money earlier and the dividend is much greater than originally on offer. Ask your IP if they would be prepared to propose and recommend the offer and it might go through.
Am I missing something here? You say you are paying £850 per month now, and there are presumably 19 payments still to make? That equals £16,150 and therefore I cannot see how £4,000 would be anywhere near acceptable, when by extending a few months further you could pay your debts in full.
Have a chat with your own IP, but personally I would soldier on until you have cleared your debts and costs in full.