I have 3 years left in my IVA paying £146 per month. I have a mortgage too, however not much equity as i only purchased 2.5 years ago. My parents have offered to gift me £5500 to settle the IVA early as I want to start a family in the next 1-2 years and will not be able to afford the payments on statutory maternity pay. How likely is it that my offer of £5500 will be accepted? Any experience or advise on ending an IVA early would be really helpful.
By my calculations you have £5,256 left to pay so offering more than that would be very attractive. Assuming it is 3 years left and the extra year extension does not kick in. Even if it does the contributions would be c£7k so £5.5k is still quite an attractive offer.
