How does the IVA procedure work?
When you decide to settle your IVA early, the first stage is to notify your supervisor, who will then convene a meeting of creditors. This will allow the creditors time to contemplate your proposal prior to your formal meeting. At that time, you will be required to produce a statement detailing the available funds.
If the creditors approve an early settlement (and if you play your cards right, this will undoubtedly occur), a deadline will be established by which the funds will be made available to the creditors. Typically, you will have three months to make a payment.
Under what conditions should an IVA settlement be attempted?
There are numerous reasons why you should resolve your IVA early. You may have been offered a significant sum of money by a friend or relative, or you may have received dividends from a previous investment. If something comparable has occurred to you, you must inform your supervisor so he can evaluate the situation and determine whether the offer is feasible. The creditors will require the source of the funds and evidence that they are available to satisfy the IVA.
Some individuals decide to remortgage their home in order to release equity in order to resolve their IVA arrangements early so that they can enjoy the peace of mind that comes with having paid off their debts early. Despite the fact that this could be a great method to quickly resolve your debt issues, you should be aware that the repayments may be quite high due to your previous debt history.
Before making such a decision, it is often imperative that you take the time to ensure that you satisfy the financial (and minimum living standard) requirements of this deal, lest you risk falling deeper into debt with the assistance of your IVA settlement alternative.""
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