Paying off IVA in Final year

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kathryn965
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by kathryn965 » Wed Apr 04, 2018 12:06 pm
I am in the final year of an IVA (been a long hard slog,, as paying in since Feb 2012) and this is the final year, in lieu of equity. Final payment due December 2018. With Aperture (previously DFD) and when i asked if i could pay off the last few months in one go (family member has offered to pay off for us) they said they would have to convene a variation meeting with creditors, which would take at least 2 months and so it would not be worth it. My question is, why would they have to have a variation meeting? All i want to do is pay off the last 8 months all in one go, and therefore the creditors get their money sooner rather than later! Why would that need to be questioned? My husbands health has deteriorated during the course of the IVA and i just NEED it completing as soon as possible..
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Foggy
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by Foggy » Wed Apr 04, 2018 12:39 pm
kathryn965 wrote:
I am in the final year of an IVA (been a long hard slog,, as paying in since Feb 2012) and this is the final year, in lieu of equity. Final payment due December 2018. With Aperture (previously DFD) and when i asked if i could pay off the last few months in one go (family member has offered to pay off for us) they said they would have to convene a variation meeting with creditors, which would take at least 2 months and so it would not be worth it. My question is, why would they have to have a variation meeting? All i want to do is pay off the last 8 months all in one go, and therefore the creditors get their money sooner rather than later! Why would that need to be questioned? My husbands health has deteriorated during the course of the IVA and i just NEED it completing as soon as possible..


Your IVA is a contract between you and the creditors -- you have promised to make a given number of monthly payments and they have agreed to accept them as part of the arrangement. If you wish to change the terms of the contract, all parties have to be consulted and have to agree. A pain, I know, but that is how it works in law. A variation meeting will also add around £500 to the fees, so the creditors would not be too happy either.
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kathryn965
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by kathryn965 » Wed Apr 04, 2018 1:47 pm
Thanks Foggy. I wasn’t aware that a further fee would be involved and that’s the last thing I need. I will just carry on paying monthly until December then, and hope to get a completion certificate soon after.
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luluj
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by luluj » Wed Apr 04, 2018 1:49 pm
Stay with it - so close now !
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kathryn965
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by kathryn965 » Wed Apr 04, 2018 1:55 pm
luluj wrote:
Stay with it - so close now !

Thank you!
It’s been a very difficult period of time, near on 7 years by the time we make the final payment in December this year. It’s almost been the death of my husband who now suffers poor health as a result of the stress and anxiety it has caused. I cannot settle until that final payment is made, but then have the stress of the final I&E review, which I’m dreading. But hopefully all will be ok and we can look forward to a debt free future :?
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