Is it possible to finish my IVA early?
Yes, it is.
However, we will need obtain the creditors' agreement. At the creditor's meeting, the dividend accepted by the creditors is a minimum amount. During the term of the IVA, creditors are still entitled to 100% of their money back and if you are asking them to accept an early settlement, they will be considering a settlement based on the actual amount outstanding and not the reduced repayment you would have paid back if the IVA had continued to the end of the normal term.
If funds become available, eg through a windfall, let us know. We will ensure that any offer made is fair and equitable to both you and your creditors. To settle an IVA early, we will call another creditors meeting so that your creditors can consider the new proposal. This is known as a Variation Meeting. If the creditors accept the proposal, there is a time limit by which the monies will have to have been paid forward (usually 3 months). Once the funds are paid, the IVA will complete when the creditors have received their dividend.
For more information, call us on
0800 16 999 46 or simply fill in the online application form above. Our initial advice is free and completely confidential so why not give us a call today...
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Insolvency Practitioners at Money Debt and Credit Ltd act without any personal liability
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ