How do I settle my IVA early?

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Bubbly

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Post by Bubbly » Sun Oct 24, 2021 2:48 pm
I have finally told my mum and dad about the IVA 3 years in. They have told me they want to get it sorted for me and pay what is remaining so I can start living life again. I will ring tomorrow to find out how much to pay but if anyone has been through this process before, please can someone advise me in the process of settling early and what documents may be needed?

kallis3

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Post by kallis3 » Sun Oct 24, 2021 3:01 pm
How much do you owe? Usually you would offer a little under the remaining payments. Make sure your IP knows the money is only available for your full and final offer. Your parents will need to provide bank statements to your IP.
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Foggy

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Post by Foggy » Sun Oct 24, 2021 3:21 pm
Be careful how you word your request. Settling early is done by two main methods: Settlement - where you pay the remaining full debt, fees and possible statutory interest. And a Full and Final Offer - where you make an offer based on remaining payments ( which can sometimes be reduced a little ).

As Kallis says they will need to see proof of the money and the donor's ID ( this is for money laundering regulations). The funds will, in due course, go direct from the donor's account to the IP - NOT - via your account.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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luluj

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Post by luluj » Mon Oct 25, 2021 9:18 pm
Offer a full and final payment based on payments left to make, with a small reduction to take into account early finish.

As others have said, ensure it is very clear that if the offer is not accepted then your iva will continue as you will not have access to the money on offer.

Good luck- let us know how it went.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

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