Advice please help.......

[Ang]

Hi

Can you please advice if my partner has an IVA from before we met and we want to move in together, would my property equity be used against the IVA? I have 2 children and can't afford for that to happen.

We want to try and settle the outstanding amount. The orginal amount was £35k and the IVA was set up for £24k, he is half way through his 2nd year and has no equity. He is paying £400 per month. Would an offer of £12,000 likely be accepted, as this is all I am able to put on the mortgage.

Thanks Ang

Ang

[BECKY]

Dont worry your equity is safe , its only his share of any equity that can be bought into an iva. The best person to ask is his IP to see what sort of settlement figure he needs to offer to end the iva.

[Ang]

Thanks Becky ... it's so hard to find information on IVAs, not sure why the experts haven't replied to me though. I am not sure what is an acceptable offer to resolve the IVA?

Ang

[Lisa2009]

The experts will reply as soon as they can dont worry. They all do this on top of their full time work.

[Ang]

Thanks Skint .... I am so anxious trying to get things sorted. I know they are all busy and I shouldn't be so impatient ... by the looks of things they do a fantastic job helping people out.

Ang

[Lisa2009]

They are all brilliant.
I would suggest working out the figure left to pay into the IVA if it were to run its full 5 years and take ff a couple of thousand for fees.(there is often also a fee for a variation meeting) That should give you some idea at an ammount you need to be working with.
But it has been known lots of times for creditors to take a lower settlement as it would be coming from a third party i.e you

[Adam Davies]

Hi Ang
That is a reasonable offer and one that I think will be accepted.Your partner has paid in £7200 and with the 12k it will mean £19200 in total.Less than the original 24k but there will be a saving of IP fees for an early conclusion.
Write to the IP offering the 12k as a settlement on the understanding that your partner will be using his disposible income to repay you.
Creditors seem to favour a F+F where there is no property included within the orginal IVA.
Good luck and please let this forum know how you get on
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Ang]

Hi Andy

Thanks for the reply and advice, so should he tell Debtfree that this is an offer from me to enable us to move in? I take it there is no come back on my income/property?

I know Becky stated earlier that my equity can't be included but it leaves me very jittery.

Thanks again
Ang

Ang

[Adam Davies]

Hi
Your equity is safe.
I would not say anything about moving in together.Just get your partner to state that a third party is willing to lend him the 12k on the understanding that the loan will only be made if it,s used to conclude his IVA and that he must use all his disposible income to repay it.His IP may want proof of the funds so a mortgage offer would help on your part.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Ang]

Thanks so much for your help ... I'll let you know what happens.

Ang

Ang

[MelanieGiles]

Personally I feel that the offer is a little low, and is only likely to be accepted if your partner is able to demonstrate that he is not able to maintain payments at the required level, explaining the reasons for this.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Ang]

Thanks very much, I guess the increase in household payments should he move from his parents would classify ... which is completely above board.

I will get something included.

Thanks
Again

Ang