Hello. I am currently nearly halfway through a 6 year IVA, set up through Aperture.
I have about £3700 left to pay. My parents have recently retired and sold their farm, and as such are in a position to help me that they were not in earlier. I have spoken to Aperture about the situation, and they have explained the process regards getting the IVA paid off in full, and what we need to do.
My question is, what happens once the IVA is paid off in full? Will I be pursued for my income and earnings for the duration left on the IVA, after full payment Is made? The reason I ask is my parents are also willing to help me start my own business, with this in mind, will I have to tell my creditors this is happening, or am I classed as free and complete once my IVA balance is paid off?
If a full n Final is accepted by your creditors your iva will end and completion certificate will be issued. You will then be free of your creditors and will not need to inform them of future changes.
Your credit file will be changed to reflect the completed iva however it will continue to be on your file for the remaining period of six years from its acceptance. This may make it more difficult to get a business account when setting up as self employed.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Lisa Thomas wrote:When you say pay off in full do you mean the balance of contributions remaining, or do you mean the total balance of all debts, plus costs and interest in full?
Take care as these are two completely different things.
If you propose a full and final offer, which is accepted then the IVA should finish successfully early.
Your credit rating will stil be damaged for the full 6 years but you wil gain control of your finances and any windfall received post closure will be yours to keep.
Brilliant, thanks for the replies.
When you say my credit rating will be damaged for the full 6 years, do you mean from start date of IVA, or from acceptance of full and final offer and early closure?
Next question.... can someone please point me in the direction of a copy of a suitable letter to send to IVA handling firm? They advised it’s imperative the phrase “gifting the money” is used. But have been a tad vague with the rest.
mike638 wrote:OK, I have another question/advice sought.
I have £3600 outstanding on my IVA. With regards to the f&f offer, what can I plausibly offer that has a chance of acceptance? £3000? £3250?
I know this question probably can't be answered but if anyone could pitch an idea I'd be grateful.
Thanks in advance
Not an exact science -- you are saving them 3 years in admin costs, but, your payment, at £100 ish per month is near the minimum viable payment, so creditors aren't getting a lot. It also depends on how much of a hit they are taking anyway. Obviusly the nearer to the £3600 the better, but I would have thought £3k would be looked at seriously.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk