IVA and paying off early

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nuttymarbles
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by nuttymarbles » Fri Oct 06, 2017 12:05 pm
So i have been in my IVA for 3 years now, my mother has come into some money and wants to clear the IVA which is just over £4500, ive offered the full amount, now the lady said i need to go through another income and expenditure review i only did one 2 months ago and nothing has changed and will not for a long time, and she said if my disposable income is more than it was then the final figure will be higher, can someone help explain this for me? i did ask her a few times but I still am confused, the only reason I want it paid off is because of an illness and i want to drop my hours and work less, but cannot while im paying for the IVA, im currently with DFD who are in administration so she said it could take a while.
thanks for any help
Last edited by nuttymarbles on Fri Oct 06, 2017 1:33 pm, edited 2 times in total.
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Foggy
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by Foggy » Fri Oct 06, 2017 12:16 pm
Basicaslly, paying or, indeed, contacting your creditors direct is against the "rules" of the IVA --- and can see it fail. Unfortunately you will get caught up in the transition from DFD to Aperture and, with the best will in the world, this could take some time. There is no getting away from this.

If you did have another review ( which is not really needed) you are still free to offer whatever amount you feel is the best offer you can make -- many ( if not most) full and final offers are below the outstanding payments to reflect the savings made in administration costs as well as the simple fact that everyone is happier with a lump sum in their pockets rather than dribs and drabs over the next few years.

At the end of the day it is YOUR offer to make, not theirs.
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