Settling an IVA early??

max1108

My husband is currently in an IVA and has another 2 1/2 years left to run (out of 5 years) and currently pays £460 per month and has done since the start (December 04).

Has anyone ever settled their IVA early? If so, how did you go about it and what did you offer? Did you go through a 3rd party? Or is there a template letter to use to send to your IP?

I have heard that the IP would be looking for at least what iwould have been paid in the whole 60 months less whats already paid, which in our case would be roughly £11,000 (if we were to do this in December at our 3rd annual review.

There is a possibility that I could get the money together (I am not on the IVA). Would this work? ie, i know that the IP would investigate to make sure my husband can afford it etc etc. Can I be classed as a 3rd party (family/friends dont know about IVA)? I just dont want it to go pear shaped and the IP request his share of my money as a bonus and expect husband to continue as normal.

max1108

GirlRacer_2

I settled my IVA early. I'd paid 27 of the 60 payments. When I settled I contacted the IP and basically paid the remaining 33 payments in one go.

james32_uk

Your IP may say they will expect the full amount paid but that is just because they dont want to lose out on any of their cut. You would certainly stand a good chance of getting a reduction in the amount to be paid in a full and final settlement. Start a thread in the IVA section at over at http://www.debtquestions.co.uk/debt_forum where it's much more specialist for this kind of question.