IVA early repayment

drowning_2-2

Hello,
I wondered if anyone had been successful in offering a full and final settlement of an IVA after ten months of being in the IVA. I have an IVA and would like to sell my house and complete my IVA early by paying them off. I currently pay 700 a month and have paid for ten months, if i sell the house i could pay off the IVA but would be about 10k short of what they would get if I continued paying for another 4 years 2 months.
Just wondered if anyone had been successful doing something like this! I just want to be debt free the IVA is crippling me if only i found this site before my iva ...... hindsight eh......
thanks

Toto

Those are huge IVA payments, can I ask first of all how much your original debt was so we can work out roughly what your creditors have already written off? I do know someone who had an original debt of about 30k and did an IVA, the creditors wrote off 18k so she had 12k left to pay, then her father offered a full and final of 8k 3 months in, this had to go to a vote but all voted to accept the full and final. I would imagine 10k would be ok for you because the creditors would rather have most of the money now than all of it in drips with the risk the IVA could fail at any time in the 5 years and they could end up with nothing.

CLAPTON

is there a requirement to release equity in year 4 or otherwise?