Now in a position to pay off IVA

Get expert opinion. This is the place for new questions to be posted.
9 posts Page 1 of 1
 
 

elly.mn

User avatar
Posts: 3
Joined: Sat Sep 11, 2010 6:02 pm

Post by elly.mn » Sat Sep 11, 2010 6:02 pm
ok i am in an iva for 60months started 02/2006 now i/m in the postion to pay it off what do i do? do they take into account how much i;ve paid ( no defaults) shall i contuine paying my monthly fee money is avaiable jan 2011 please help many thanks
 
 

kallis3

User avatar
Forum Expert
Posts: 76945
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sat Sep 11, 2010 6:07 pm
Hi and welcome.

If you took out your IVA in 2006 then it is due to complete in January/February anyway isn't it?

Why do you need any extra money, or did you have an equity release clause?
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
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Sat Sep 11, 2010 6:09 pm
Hi
Why are you in a position to pay it off ? have you received a windfall or is a third party offering to pay it off for you ?
Regards
Andam Davies
 
 

elly.mn

User avatar
Posts: 3
Joined: Sat Sep 11, 2010 6:02 pm

Post by elly.mn » Sat Sep 11, 2010 7:38 pm
a windfall (inhertiance)not sure when it will be sorted out
 
 

Shining

User avatar
Posts: 27019
Joined: Thu Sep 20, 2007 8:57 am
Location:

Post by Shining » Sat Sep 11, 2010 7:55 pm
Hi there and welcome to the forum. Is you IVA due to conclude in 2011 (February)?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Sat Sep 11, 2010 8:57 pm
Hi Elly
Just be aware that an inheritance is classed as a windfall and there is a danger that all of it can be captured by your IVA, upto the value of your original debts, IP fees and possibly interest less payments made into your IVA.
Regards
Andam Davies
 
 

elly.mn

User avatar
Posts: 3
Joined: Sat Sep 11, 2010 6:02 pm

Post by elly.mn » Sat Sep 11, 2010 9:05 pm
yes i thought so BUT will they know i have inheireted could i say a third party has offered to bail me out the money is not a substantial amount
 
 

kallis3

User avatar
Forum Expert
Posts: 76945
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sat Sep 11, 2010 9:08 pm
You should always be honest with your IP.

Your IP will want proof of where this money has come from, and will want it in writing if is from a third party.
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
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Sun Sep 12, 2010 9:59 pm
You should not lie to your IP, and as you have a duty to declare all windfalls then you would be best advised to comply with this.
Regards, Melanie Giles, Insolvency Practitioner
9 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”