IVA's and settleling early?

debtdestroyer*

Afternoon all, just after some advice really.

Our Landlady has just informed us that our rent will be increased in 3 months by 10%, which is an extra £75 a month and it's kind of made us re think whether to stay here or not. What were thinking of doing is moving back to his mum's to pay off debts and save for mortgage.
I know its a good idea and we've lived with her before, it didn't work out due to her incredibly annoying boyfriend which I'm pleased to say she's not with anymore!!! so Ican't see any big problems.

Now the plan is to save up the rent and bills money were currently paying at the moment to pay off the IVA early, the IVA is solely in my name and the other half should be able to save into a savings account until we have enough to settle early.

What do you think, can anyone see any big problems with paying it off early or know of any reason why they might not let us do this?/

Any advice would be greatly appreciated!

crystal_clear

Hi there
I am no expert on IVA although i do know a little about them.
I didn't think you were allowed to pay them off early they are legal binding and run for the full term. I also thought that if you had some extra funds you had to pay it into the IVA anyway although it still would not release you early.

But I am sure others will be along to give you further advice.
Good luck
Crystal

debtdestroyer*

Hi, thanks for that.
That's that I thought, (that you couldn't pay it off early), so I called them up today and asked them outright. There reply was that I coud offer my creditors a full and final settlement figure, it would be up to them as to whether they would accept it? I'm assuming that it would need to be slightly more than I would be paying over the next 4 remaining years as to make it worth there while??

She also informed me that if my circumstances change then I need to inform them as they are entitled to have any extra funds I have!

However, I think were gonna still move back to his mum's so's we can save to pay this i.v.a off earlier?? :T

I will be debt free sooner than 4 years!!!!!