How do i end my IVA

Scott76k

Hi Everyone
I am new to this and found the website by watching TV program.

I was declared bankrupt in July 2004, this was annuled in Feb 2005 as i managed to get it overturned to an IVA as my house was at risk. My IVA has now been running for 14 months and myself and my wife both have stable full times jobs and would like to try and get out of my IVA. My IVA consisits of £42000 to my parents and £34000 to 5 further creditors, this came about due to my travel business folding I count myself lucky that i am in a stable relationship and that my IVA is running succesfully however I want out, if i start to earn any further money this will go to my creditors, I would rather have a higher mortgage. Has anybody ever bought themselves out of an IVA can a creditor pull out, Can I make an offer? Please let me know

CheeseOnToast

Hi mate this would need to go in the Debt-Free Wannabe board

redfox

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Xbigman

You need to ask your insolvency practitioner how much it will cost as it is they who will determine what a clean break of the IVA would cost. It is likely to be a very high percentage of your debts and you might need your creditors agreement. If you plan to raise the money from remortgaging you should be aware that having an IVA will almost certainly mean going sub prime and getting stuffed with a very high interest rate.
You haven't supplied enough details for us to judge but I would be surprized if this would be the best option.
Also, do you plan to repay your parents in full after the IVA ends. You higher payments would more than 50% go to them so why worry about it.
Regards



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