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question about early settlement.
greenbrucelee
Posts: 305 Forumite
in IVA & DRO
I am having to do PPI claims whilst in my IVA with payplan and creedo claims.
If my PPI claims got to a point where it would mean I paid more than the 37% that was set out on my IVA would I be able to ask for an early settlement?
If my PPI claims got to a point where it would mean I paid more than the 37% that was set out on my IVA would I be able to ask for an early settlement?
0
Comments
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...No, your IVA will continue as normal, and you will just feel better that you have repaid your creditors a little more than the agreed original minimum dividend.
Remember: you are still liable for your debt, 100p in the £, regardless of your originally agreed minimum. Your IVA firm will therefore want any realised assets/windfalls etc. to be paid in, up to that amount + fees etc.
Any outstanding debt is only 'written off' once you get to the end of your 5-6 Year IVA.
However, you might be able to apply for a F&F if you have had a financial turn for the worse, and can no longer afford your IVA.0 -
Well that sucks.
Oh well thanks for your reply.0
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