If I pay off the full debt ....

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stelios

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Post by stelios » Mon Nov 25, 2019 6:46 am
I have been in an IVA for the last 18 months and I am supposed to be in it for a total of 5 years. If I manage to pay the full debt does my IVA stop immediately? If so how does that effect my credit score? Is it still bad for six years since the day the IVA started or For a year after the IVA stops?

Foggy

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Post by Foggy » Mon Nov 25, 2019 10:39 am
There are different ways to end early successfully: By a settlement, in which you pay the full original debt, plus fees and possible statutory interest. By a Full and Final offer, in which you offer a lump sum equivalent to the remaining payments due (often rounded down a little). Or by extra payments (overtime, PPI refunds, windfalls) until they bring the total paid in up to the settlement amount mentioned above.

Your credit record will still be rubbished by the IVA for the full six years from the start date regardless.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Ecosse84

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Post by Ecosse84 » Mon Nov 25, 2019 2:32 pm
Foggy,

I have approx 14 months left on my IVA (started in Feb 2016). I am self employed and being in the IVA has really hampered my work the whole time I have been in it. I have tried numerous times with the help of a family member to make an offer to pay the IVA off, however Creditfix point blank refuse each time its been brought up, as they claim the full original debt has to be paid + all of their fees "as per the law!"

Could you confirm if this is the case? Its an IVA / Trust Deed in Scotland if that helps :?

Foggy

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Post by Foggy » Mon Nov 25, 2019 3:02 pm
As far as I am aware they are talking rubbish! I have heard of them taking this line before, but did back down when challenged. The problem is that the operators who answer the phone do not seem to be well trained (or trained at all!). This, of course, relates to my knowledge of IVA's and I am assuming a Trust Deed is similar.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

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Post by Lisa Thomas » Tue Nov 26, 2019 1:08 pm
I cant comment on the Truste Deed but assuming it's the same as the English IVA then the issue may be with the wording of your offer.

Don't ask for a 'settlement' figure. Instead offer and 'full and final'. Put it in writing to them with all the facts and remind them they have 21 days to call the variaiton meeting to consider the offer (again assuming the regulations and clauses mirror English IVAs)
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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