I am in my final 7 months of my IVA, since starting this 5 years ago my agreed payment has gone up 170 GBP due to receiving a pay rise. Also they received 50% of my extra earnings in 1 of these years. I am due to start a new job in September which will result in a pay drop so my payments should be lowered I have asked if I can get out of this soon and i have been told to make an offer. What kind of offer do I give? has any one else done this? can some one advise me please
I am not sure that I would be recommending to you to offer an early settlement to creditors when you are so close to finalising the IVA, and it could take a couple of months for the IP to call the creditors meeting in any case.
But you do make a fair point about starting a new job which will affect your income - so it is possible that creditors would support an early settlement on that basis. Where would you be getting the money from, and I would suggest that you offer a sum equivalent to the remaining payments - as adjusted to take account of your anticipated pay reduction.
Is it really worth it at this late stage? Will this not just involve the costs of a variation meeting?
Also given that over time your payments have gone up by 170 due to pay rises would it not seem fair to just lower your payemtns back to whats afforable??
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
