Trying to end IVA after 3 years

kamal999

Hi - sorry, new to this and forums, so apologies if the question has already been asked!
I took out an IVA just over 4 years ago and have kept up my repayments of nearly £700 a month. My salary with very minimal outgoings doesn't cover the amount due, so it has always been part of the agreement and I declare it every year that the shortfall is made up with a donation from my boyfriend and his parents.
Due to my pregnancy, my boyfriends ill health and his parents loss of work this is becoming more difficult.
I really don't want to go bankrup! Has anyone ever managed to end their IVA say 6 months early without having to pay a final fee?
Many thanks for any clues.

Charco_2

You shouldn't have been paying more than you can afford into an IVA - who is the company that you are with?

kamal999

Hi - thank you. The company is Vantis. The dept was £57k! and apparently the cards it was run up on are the companies that want the biggest % (HSBC/Virgin/Amex/MBNA). After a lot of discussion it was a case of either paying the money or going BR which I really, really did not want to do, (because of the field I work in and family.)
(Dept my owe stupid fault from an ex partner who took out credit cards in my name and withdrew cash!!- was under police investigation, but sadly as they were only in my name I was left liable!!)

Max_1066

Agree with Charco you shouldn't have been paying what you couldn't afford. However I'm sure it was pretty stressful at the beginning and this was a potential way out.

The creditors are looking for 6 x £700 so £4200. I think the only way is to offer a final settlement and try to negotiate it down. If your income v expenditure (with the IVA) is negative then you could use this as a reason to offer a lower settlement.

Have you discussed this with your IP at all ?