Iva

MUM40

Is it possible to shorten a IVA, we are currently on a 5 yr IVA and just past the 12 months mark.

Only another 47 payments to go.

Any thoughts would be great.
thanks

Max_Maxwell

Only if you can pay back the full amount or make a reasonable full and final settlement offer.

kns_2

Also do you have the equity release clause in your IVA?

Ed_Gilmore

Be aware that if you have recieved a lump sum would mean that the creditors would expect this to be paid into the IVA, or 50%, whatever is in the terms of your agreement, in addition to your monthly contributions. I would suggest to carefully read your terms of the IVA before deciding how to end. On the otherhand, a F&F settlement maybe possible but I suppose this depends on you current circumstances.

The best way in going forward is talk to your IP directly (not call centre people) as they will give you the advise needed, especially if they are DEMSA regulated as they should be assisting you with your best interests in mind.

Hope this helps and good luck

Gimpsdad

Hi Ed,

What has DEMSA got to do with IVA's? It is a trade body for DMP companies isn't it?

Depth_Charge

Gimpsdad wrote: »

Hi Ed,

What has DEMSA got to do with IVA's? It is a trade body for DMP companies isn't it?

Hi

If you look at their members list, that should answer your question.

Gimpsdad

Indeed, this I know, but the question was what has DEMSA got to do with IVA's?

Depth_Charge

Gimpsdad wrote: »

Indeed, this I know, but the question was what has DEMSA got to do with IVA's?

Hi

Well, I thought the whole idea was, when people go for advice to fee charging companies then all options and solutions should be genuinely explained and explored and an appropriate solution advised (I assume this includes IVAs)

Demsa members do this don't they and they have an OFT Quality Mark to prove it I think.

As far as I can see DEMSA have a fair number of members both Debt Management & IVA Companies with perhaps a few sort of partner & sister type outfits if you like (perhaps some of them are in the same building as each other or same room even)

I have the heard the OFT Quality Mark mentioned quite often here and there with regard to DEMSA members (think I heard something on the car radio only last week if my memory serves me right) - it must mean something:)

A little tongue in cheek stuff Gimpsdad and Im not promoting DEMSA or anybody else but I am pretty confident that you get the picture.

PS - Just out of interest what would your definition of DEMSA and its members be?

Depth_Charge

Gimpsdad wrote: »

A cosy "members only" club, started by 2 or 3 vested interests that has nothing at all to do with debtors interests and everything to do with its own well being would be my definition.

It may well have OFT blessing for its "code of conduct" but I am afraid that, IMO at least, it is about as useful to debtors as referring them to the wolves at CCCS.

Hi

Interesting and straight to the points there, and a pop at the CCCS to go with it, tut, tut.

Nothing wrong with saying what you think and giving ones opinions. Perhaps next time don't hold back so much though.

PS - It would seem my suspicions of you getting the picture were right then:)

nottoolate

only picture they have in their head is one that lines [STRIKE]their[/STRIKE] the pocket of iva companies