Published in Debt Advice Features on Sunday, December 31 2006

Yes this is possible. Usually this would be the case if you come into a large sum of money, perhaps a windfall or inheritance.

In these circumstances your creditors would expect the full amount owed back, and you may have to pay the Insolvency Practitioners fees on top. If you came into money, but not enough to cover your debts in full, your Insolvency Practitioner can approach your creditors with a settlement figure, and they may agree to end your IVA early as obviously they will be getting their money quicker.