IVA Help

Kelvinos

Hi guys
I'm just after a bit of advice. My wife started an IVA in May 2012 with payplan, the original proposal was for 5 years and paying £9982 this was modified to paying £13,900 over 6 years due to her car finance ending during the IVA so she would be able to pay more back once this had ended. Since the start of the IVA my wife has worked hard and earned several promotions, She has informed payplan of any increase in wages etc and they have adjusted her payments in line with their protocol and as it stands like I stated earlier the agreed repayment total was £13,900 and to date she has paid £13,200 with another 10 payments of £328 left so by my calculations that means if she carries on at this rate she will have paid £16,480 at the end of this.
My question is has anyone on here heard of it happening or had an IVA finished early themselves, I'm only asking as we have just gone through a round of IVF and it's looking like we are going to be parents and was wandering if it would be worth while pursuing an early completion.
Any help would be gratefully received

National_Debtline

Hi Kelvinos and welcome to MSE,


First of all, congratulations on your good news.


With regard to the IVA, all you can do is put these calculations to Payplan and see if they would be willing to put the early completion idea to the creditors for consideration. You will need to check the terms and conditions of the IVA; what you have described about increased payments all seems to be fairly standard, and if it is within the T & C's of the IVA they may not be obligated to consider any early settlement proposal, however, that doesn't mean you cannot ask.


Remember that failure to maintain the IVA can result in a failure which carries with it a risk of bankruptcy. It would seem a shame to let an IVA fail at this stage if it can be avoided.


Laura
@natdebtline

Kelvinos

Thank you for your reply Laura, We can maintain the IVA payments so seeing it through is not a problem but I thought if there was any chance of getting out of it early it would be a bonus.