If i want to finish my iva early how much more should i pay? Debt is 130,000

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anthony105
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by anthony105 » Fri Jan 26, 2018 5:00 pm
I am in an iva. It's suppose to finish in September this year. The total debt is 130000.00. I pay £250.00 a month. So far I have paid 4yrs and 4 months. If I want to finish early how much more I need.
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kallis3
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by kallis3 » Fri Jan 26, 2018 5:15 pm
I doubt you can remortgage, and, to be honest, just let it run its course now.
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Foggy
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by Foggy » Fri Jan 26, 2018 5:19 pm
You are not likely to be able to remortgage so the IVA will continue for an extra 12 months .... so the creditors are looking at getting 20 more payments, so £5,000. Your offer would have to be close to that as they are not going to be making any savings themselves.
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Shaun Vickery
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by Shaun Vickery » Mon Jan 29, 2018 12:49 pm
What is your reason for wishing to finish early?
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Lisa Thomas
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by Lisa Thomas » Mon Jan 29, 2018 4:25 pm
I'm not sure where the remortgage comments have come from but any offer will need to be based on the number of months you have remaining multiplied by the amount of months you have left to pay (including any 12 month extension for any 'standard' equity clause you might have).

Closure can take a long time for some firms so if you only have until September left to pay it's probably not worthwhile trying to finish any sooner.

You credit rating will still be damaged for the full 6 years.

The only benefits wil be taking back control of your finances earlier and possibly avoiding any issues with any windfalls that might happen before you get your CC.
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Foggy
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by Foggy » Mon Jan 29, 2018 4:41 pm
Lisa Thomas wrote:
I'm not sure where the remortgage comments have come from but any offer will need to be based on the number of months you have remaining multiplied by the amount of months you have left to pay (including any 12 month extension for any 'standard' equity clause you might have).

Closure can take a long time for some firms so if you only have until September left to pay it's probably not worthwhile trying to finish any sooner.

You credit rating will still be damaged for the full 6 years.

The only benefits wil be taking back control of your finances earlier and possibly avoiding any issues with any windfalls that might happen before you get your CC.


From previous posts Anthony is a home owner --- he has done 4 and a half years, so will probably have an extension in lieu of equity, so we are talking next September, not this.
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Lisa Thomas
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by Lisa Thomas » Mon Jan 29, 2018 4:58 pm
So say 18 months left x £250 = £4,500.

If correct this is the tarting point for any f&f offer.
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