Iva help needed

debtfreebert

Hi all, I entered an iva just over 2 years ago with debts to 2 creditors totalling £18,981. Up to now I have paid just over £7600 to my plan and with my current payments will pay just over £9000 in the remaining term taking the total to just over £17000.
My partner recently wanted to help me try and reduce my debt with a view to paying the debt off full and put £7000 into the plan account. I enquired as to how much extra it would take to clear the plan and was astounded to be told I would have to find an extra £14,600 ish to clear it.
That would take the total paid to over £28,000.
We were told until we said what the £7000 paid in by my partner was to be used for the account would be frozen and I may default on the plan.
My partner has asked for the money back and now the plan is active again.
Can anybody help provide me with my cheapest solution to being debt free?

Foxy-Stoat_3

Did you make a formal Full and Final offer and have these agreed before giving £7000 away or did that just pay this to the IP?

UpToMyNeckInIt

...Your partner should keep that money nice and safe - you might need it for household emergencies etc. Not to mention treating yourselves to something nice.

Your cheapest option (assuming a full and final offer of £7k is not accepted) is to simply let your plan run to term.

Even though you may not have had much debt 'written off', think how much you will have saved in interest over the years.