What happens to payment level if a successful F&F is made ?

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lynne251
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by lynne251 » Wed Nov 29, 2017 9:03 pm
If you get enough money to pay off you I.v.a what would happen, I still have 2 years to go, would I still have to pay fees to the people I have my I.v.a?
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Foggy
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by Foggy » Wed Nov 29, 2017 9:15 pm
lynne251 wrote:
If you get enough money to pay off you I.v.a what would happen, I still have 2 years to go, would I still have to pay fees to the people I have my I.v.a?


Assuming the money is a third party gift, if you make a successful F&F offer, you pay that over and then you can stop payments and the IVA will be closed down and finished. It will, however, stay on your credit files for the full 6 years from the start, but be marked completed.

If the money is from an inheritance or windfall it has to be paid in as extra income and will not end the IVA early, unless it covers the full original debt plus fees and statutory interest.
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Lisa Thomas
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by Lisa Thomas » Thu Nov 30, 2017 12:51 pm
I agree with Foggy.

Where are the monies coming from?
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