However, the IVA will still stay on your credit report for six years from the date that it was approved. It may still affect your ability to get credit, too. If you find that your monthly income has increased significantly or you receive a windfall or inheritance, you must let your IP know. For free, confidential help with individual voluntary arrangements you can speak to one of our expert debt advisors calls from landlines and mobiles are free. To find out if an IVA is the best debt solution for your situation, use our online debt help tool.
We aim to make our website as accessible as possible. However if you use a screen reader and require debt advice you may find it easier to phone us instead.
Freephone including all mobiles. Can I pay my IVA off early? This is not the case, and the IVA will remain on your file for the full duration of six years from the start date, even if you were to settle after just a few months.
This means that your IVA will affect your ability to get new credit for a long time, which is something you should consider before taking it out in the first place. Considering that most IVAs will see you only repaying a fraction of your total debt, creditors will normally be entitled to any windfall you receive during the agreement, without any change to your monthly repayments.
If you lose your job through redundancy, you can make an offer to use this money to repay your IVA early. In these situations, you may be able to settle for a lower amount too.
However, depending on the amount paid in as a lump sum it may reduce the length of the IVA if you are able to pay your creditors back in full, plus your IP fees. If this happens you will not need to have a variation and your IVA can simply be completed. If you are a homeowner and have equity in your property, you may be required to re-mortgage six months before the end of the arrangement and pay the money released from the re-mortgage into your IVA.
If you have an IVA with Debt Movement and are thinking about settling it early, or are considering an IVA as a debt solution and would like some more information, contact us today and speak with one of our friendly and professional guides.
Get Debt Help Today. Will an IVA work for me? Who can apply for an IVA? Considering an IVA? Advantages of an IVA? Disadvantages of an IVA?
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