I would like some advise with sending an offer of a lump sum payment for my IVA. I have been paying now for 5 years I am a home owner and when I came to the 5th year it was decided I had equity in the house that I should either remortgage or pay for another year. Obviously remortgaging was not an option. My parents have offered to pay the last year as a lump sum for me. I understand the disadvantages - that the offer my not be accepted and it is still on my file until 6 years from inception date. We were planning on offering exactly what I was due to pay in the next year no less - no more. My question is what is the best way of structuring the letter of offer. My circumstances have not changed I really just want to have it done and finished with. The money my parents are offering is only to pay this off - it is not something they were going to give me anyway - so not a windfall. if the offer is not accepted then I will not receive this money.
It will remain on your file for six years even if you pay it off early. Depending on exactly how much longer you have to go it might be an idea to let it run. It takes a while to set up a meeting and for completion if it is accepted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As Kallis says -- it could take up to three months for all this to go through, so the time saving will be less.
Just getting free of the arrangement is reason enough and you do not need to go into great detail.
Thanks for the advice - this was one of my questions to my provider about how long the process took as I didn't want to place an offer but then end up paying another 3/4 months (over paying in affect). They advised me they cap it @ 28 days so to allow for the next 2 month payments.