Paying IVA early

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john c

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Post by john c » Tue Aug 24, 2010 6:20 pm
Hello, is it possible to pay off an IVA early ? i am due to pay £18000 over the term, and if you give your creditors extra money due to overtime does this come off the balance ?

Thanks John C.[:I]


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Post by s.b.w » Tue Aug 24, 2010 6:25 pm
You could see if your IP would be up to putting forward a full and final settlement?

I know that option was on the table for me a one point.

Good luck

If only I'd said NO!

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Post by kallis3 » Tue Aug 24, 2010 6:41 pm

You will only be able to pay off an IVA early if you have a full and final offer accepted or you pay off your creditors in full, plus fees.

Money from overtime will be spread between your creditors which means they will get a better dividend.

You will always owe the full amount to your creditors until completion.
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