Quitting our IVA

colin25

Hi all

Is it possible to end our IVA early, I ask this because a debt management company has suggested that I go directly to my creditors to give them all a settlement figure which could save me thousands.
We do have about £90000 equity in our property and the IVA settlement figure is estimated at £73000 but if we do as the company has suggested they reckon we could possibly knock £20000+ off that figure.
but another question do we still have to pay the IVA company for the remaining 3 years?

GeorgeUK

Not sure about having to pay the IVA company for the remaining time, but can i ask which company suggested using the equity in your home? Was it one of the free debt charities?

The problem i can see with this is that while it may pay off all your creditors, your home would be at risk if you failed to keep up the secured loan/remortgage payments. I would strongly advise getting an opinion from one of the free debt charities.

MrsTinks

Please contact either CCCS or Payplan in my signature for advice. This sounds unfortunately like the standard lies told by most IVA companies to get you to go through them.

Sorry but most IVA companies are a bunch of cowboys so please speak to one of the chairties in my signature!

colin25

Hi all

Thanks for your advice, since posting the original thread the company have come back to me and told me to contact all of the creditors and offer a final settlement figure, I have worked out some figures and if accepted it would cost us about £49000 we have a mortgage which will end in 6 years for around £45000 could I not just remortgage this figure (total £94000) say for 10 years with any company because this debt management company don't seem to be pushing that much they seem to be giving advice.

They have also said that I do not have to pay the IVA company anymore money if our debt is clear because the debt is with the creditors and not the IVA company.

Thanks

GeorgeUK

As already suggested, please contact payplan or CCCS.

Alot of IVA companies get you to sign up for an IVA then after a few years when you've paid all their fees, suggest you take out secured debt against your property to finish the IVA. Please talk this through with an advisor at one of the free debt charities.

doelani

colin25 wrote: »

Hi all

They have also said that I do not have to pay the IVA company anymore money if our debt is clear because the debt is with the creditors and not the IVA company.

Thanks

you should not stop paying your IVA , it is a legally binding agreement and if you read your Creditors report you will probally see a clause to say if you miss 3 payments they can make you bankrupt.

If you really want to make a F&F offer it should be done through your IP, I personally would not stop paying IVA because another company has told you to.

Jacks_xxx

:wave: Hiya sweetie,

I am a cynical old bag I know, but my first thought was

"I wonder what the company giving advice are getting out of this?"

Run it by CCCS or Payplan - who I trust to give you honest impartial advice.

If they approve of this new plan then you have *my* blessing honey.

Let us know how things go.

Love Jacks xxx