Setling my iva

Mrscjd

Im about to receive a large amount of compensation. I want to pay off my iva in full. Can i do this?

mwarby

There is a strong likelihood that this compensation will need to go to the IVA anyway. This is normally described as the windfall clause.

Assuming this is the case you won't be able to use those funds for a full and final offer(that would have to be new money that they wouldn't otherwise get, often its from family and made clear its only available for a full and final offer)

If the amount of compensation is large enough to repay all your original debts(not scheduled IVA repayments), plus the IVA fees (and sometimes statutory interest), you keep anything extra.