To finish an IVA early, without going bankrupt, you will need to make an offer of a Full and Final settlement to your creditors.
The size of the offer you will need to make finish an IVA early will depend on the length of time you IVA has been running, how much debt you had when you entered into the IVA and also the circumstances which have arisen to bring about the need to finish the IVA early.
For instance, if you have recently been made redundant, and your company have given you a redundancy payment, your creditors may already be entitled to the full redundancy payment through the terms of your IVA.
You will need to check your IVA proposal to establish:
“What happens if I receive a windfall payment during my IVA?”
Other circumstances may include a windfall, an inheritance or even a large lottery win, so take a read of this article:
“Full and final settlements and ‘one off’ IVAs”
This next article offers a general overview of how a change in circumstances might enable you to finish your IVA early.
To learn more about IVAs call 0800 088 7503 and speak to one of our IVA advisers or leave your details at our quick contact page so that we can call you back.
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