I would of cleared the balance shown 2 months early

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Chrisd1865
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by Chrisd1865 » Sun Sep 24, 2017 11:12 am
Good afternoon,
I'm currently in my last year of my 6 year Iva and have received my 6 monthly statement from one of my debt and by going by current payments being made to them via my iva it will look that I would of cleared the balance shown 2 months early.
Does the iva finish early or is money still paid as a good will gesture due to interest paid?
Kind regards
Chris
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Foggy
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by Foggy » Sun Sep 24, 2017 11:31 am
To completely clear an IVA to finish early ( other than a full and final offer) you would need to pay the full original debt from all creditors, plus the providers fees as well as the possible liability to statutory interest (8% p.a). The interest element might be excluded, so you would need to check your paperwork for mention of this. If you hit the full repayment / fees and interest early the IVA will end early, otherwise it will contnue to the agreed term.
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