Ive got 14 months left on my iva and a family member has offered to pay the 14 payments which is £724 in total. Is it worth it? I ve heard it can take 2-3 months to settle so would this mean that they would be overpaying or do i make a lower offer than the £724? Also with regards to the valid reason for ending is it enough to say that you want to rebuild your credit rating in preparation for buying a house.
Would there be any extra fees to pay
A variation meeting can add up to £500 to the fees, meaning that your creditors will be getting around £200 of the offer . Ending early will not allow you to start rebuilding your credit rating as the IVA will still remain on file until the 6th anniversary of the start date.
To be honest, bearing in mind that it does take a few months to sort out and your payment appears to be an unbelievable £50-odd a month, is it worth the time and energy on your part ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
