iva settles early

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hi, i entered into an iva nearly a year ago and it last for 7 years then i have to try re mortage which i doubt will be possible and if not have to do 1 more year on the iva .
What i need to know is can ivas ever be ended early, if so how can this happen ?
Thanks x

Comments

  • dbt3mummy
    dbt3mummy Posts: 199 Forumite
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    The way I see it, an IVA can end in 2 ways,

    1 - the IVA fails and you are then made bankrupt

    or

    2 - you pay off every penny of your outstanding debts/agree a full and final settlement with your creditors.

    Maybe someone else can clarify.

    I don't have a property so not 100% sure how that part works but if there is equity in the property and you can't re-mortgage the property I'm not sure if you have to then sell it
    Cabot (0%) left to pay £2455 let the overpayments commence! :D
  • FoggyBrain_2
    FoggyBrain_2 Posts: 1,121 Forumite
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    If there are pressing reasons like ill health or such like the creditors might agree to a full and final at slightly lower than the original dividend, after all an substantial lump sum now is better than waiting 6 years to get it in dribs and drabs. The property means you will have to work out the figure on an 8 year basis, as it is liley you wouyld get that extra 12 months.

    A seven year term from the start is unusual --- was one of your creditors Northern Rock ? They usually go for 6 years, but seem to be getting harder.
  • smurfwife
    smurfwife Posts: 24 Forumite
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    got it wrong it is 6 years but with the chance of not being able to get a remortgage it will be 7 years
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