I've made a offer to settle my iva early

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rachel357
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by rachel357 » Fri Sep 01, 2017 8:43 am
I've made a offer to settle my iva early I was wondering if I offer just to pay the full amount of would they accept it and get it resolved a lot quicker cause they've told me it could take 3mths to get sorted out which seems a bit long, any advice would be great thanks
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kallis3
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by kallis3 » Fri Sep 01, 2017 8:53 am
Personally speaking I would offer less - it will still take a while to sort out. I hope you have made a full and final offer rather than a settlement - it does make a difference.

How much do you owe in your IVA?
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Foggy
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by Foggy » Fri Sep 01, 2017 8:58 am
It normally takes a couple of weeks to get the variation drafted and then they have to give the creditors a months notice --- this is the case whether you offer a percentage or all of the outstanding payments.
Depending upon the amounts and time saved, you can often round the amount down a little to reflect savings in time and administration gpoing forward.
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Michael Peoples
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by Michael Peoples » Fri Sep 01, 2017 9:40 am
Three months to call a variation is way too long. Put the request in writing to your IP and under the terms and conditions of the IVA they usually have to call a meeting within 21 days of receiving the request. Offer a little less to than would have been due to reflect the early settlement but also ensure that the offer decreases with each additional IVA payment made. If your IP is slow to call a variation you could complain but at the very least protect the money that is on offer.
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Lisa Thomas
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by Lisa Thomas » Mon Sep 04, 2017 8:25 am
It should take 5-6 weeks to get the creditors decision however please note that it can take some IP firms up to 6 months to the close the IVA and issue your CC and then a further 3 months to come off the register.

Your credit rating will still be affected until the 6 years has passed since the start.
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