Is it possible to pay off an IVA early ?

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ookongoo

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Post by ookongoo » Tue Aug 10, 2010 2:18 pm
Is it possible to pay off an IVA early without having a windfall. The reason i ask is that I'm now in a position where occasionally i get some really good commission cheques. Although 50% of these when i get them have to go into the IVA, can i save the remaining 50% I'm allowed and settle early?
 
 

UpToMyNeck

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Post by UpToMyNeck » Tue Aug 10, 2010 2:48 pm
Hi Michael. One of the experts will be along soon to add their thoughts, but from my own (limited) knowledge, paying your IVA off early is not a problem. As you say, once you have paid over 50% of your extra payments into the IVA, the rest is yours, so if you save these up and make an offer to settle early as close to the original dividend as possible, I am sure your creditors would look favourably on this.
Non sibi sed omnibus
 
 

Michael Peoples

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Post by Michael Peoples » Tue Aug 10, 2010 3:18 pm
You can use this money to settle but creditors may take into account the regular extra payments when deciding on whether to accept. You would likely have to offer a much higher dividend than was on offer originally.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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