should I just see out the last year and be patient?

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Post by ibuild » Wed Aug 25, 2010 10:47 pm
I am coming to the end of the fourth year of my IVA. I have been looking over my contract recently and noticed that in October I will have payed off the sum agreed at the start of my IVA. My income has gone up over the last four years, so I have been paying more into my IVA, hence why ive almost payed off my agreed sum.
My question is, Once I know when this sum has been met, can I call my superviser to see about asking my creditors to settle the account, meaning the IVA would end early.
Would it be worth asking or should I just see out the last year and be patient?
Any assistance on this would be great.


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Post by plasticdaft » Wed Aug 25, 2010 11:15 pm
Until the IVA concludes you still owe the full amount of your debts. If you have paid more than we expected then good for you and good for the creditors also. Dont get caught up in the fact that at the start you were expected to pay XXXX over 60 months. I wouldnt imagine your IP would even approach creditors to ask if they would close the IVA early unless there was good reason for doing so.

Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.


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Post by Imhotep » Wed Aug 25, 2010 11:32 pm
Also, don't forget the 8 percent (?) APR on the original amount of credit prior to the agreement.


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Post by kallis3 » Thu Aug 26, 2010 8:00 am
You will always owe the full amount to your creditors until the IVA is concluded.

The fact that you have managed to pay more in just means your creditors will get a better dividend. Unless you can manage to pay back 100p in the pound plus fees, it won't be concluded early.

As Paul says, your company is unlikely to go back to your creditors without good reason.
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.
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Post by Shining » Thu Aug 26, 2010 8:13 am
I say well done on paying your creditors back more and it's only another 12 months so I would continue and you'll soon be at that victory line that a lot of us are striving to reach.

Well done for coming this far and I hope your final 12 months run smoothly for you x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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