anybody made a lump sum iva work ?

[depressed]

hi i keep hearing of the 5 yr ivas but was just wondering how often a lump sum iva is propossed and if anybody has been succesful ? its just that we should hopefully be in the position soon of offing a lump sum one off payment but can't afford to do a monthly iva of 5 yrs,but its just that i havent read much on these posts about lump sum ivas .
basicly we are prepared to sell our home ,& cash in insurance policies ,then we will have to move out and rent privately which is going to cost between 4-450.00 per month rather than our small mortgage of 125 per month ,we have stayed in this tiny 1 bed property for nearly 12 yrs trying to meet repayments on a dmp but now we have baby number 3 on the way ,this is the only practical way i can see of going forward for us as a family and our creditors .
we are offering around 38 p in the £ ,do you think this will be a viable lump sum iva or do you think creditors will expect us to stay in this one bed property and continue to make monthly repayments ? what a mess we are in !!! thankyou for any advice .

[iva.com]

Hi there,

We have a number of reviews submitted by people who have successfully completed full and final IVAs at www.IVA.com. A couple of examples are given below:

http://www.iva.com/iva_review_detail.iva?r=292

http://www.iva.com/iva_review_detail.iva?r=637

Kind regards,
Terry Balfour
IVA.com

IVA.com - The IVA Comparison Site
100s of reviews, All IPs and IVA firms rated.

Use our IVA firm comparison tool to find best IVA firm for you:
http://www.iva.com/iva_comparison_1.asp

[whichwaynow]

HI,
My F&F IVA was approved last August. My debts were £90000.00 and my offer was 36p in the £ after IP costs .

[Cybus]

A lump sum IVA has every chance of being accepted. If you can demonstrate that the offer you plan to make is the best offer you can make, then you have as much chance of it being accepted as a 5 year contribution based arrangement.

It's hard to know what your circumstances are from this post. I just wonder what sum you are paying to the debt management company and how much of that has been paid to your creditors already. Do you know the level of your creditors at this present time?

An IP will advise you best on when to start on the process, once in possession of the full facts. You may be considering selling your property and the advantage you have is that you are not going to be in a chain yourself and as such it may make your property easier to sell as you're not looking to buy your next property. On the other hand, the property (No disrespect to you is intended) may not be in a desirable area and may be difficult to sell and as such the sale may take some time to complete.



Tell it like it is.

[MelanieGiles]

I do lots of these types of proposal, and creditors are really amenable to them as they get paid a lot earlier than over the alternative five year period.

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

[Beechy]

We have been very successful recently with Full and Final settlements, basically because the maths add up for creditors to take the "loss now" get some money in instead of waiting 5 years to get the dividend.

Dave Beech

[couple31]

We completed a lump sum iva in November

Owed 90k and made a one off payment of 42k

Out of 13 creditors, mbna were the only ones to say no

[rubberball]

couple31

what happened when MBNA said no?

[Shrimp]

Hi....I am also looking at a one off IVA payment...am just off tho send the paperwork to the IVA company. I too am selling my house to raise the money, but I would rather do this, pay it off (if I can) and start again from scratch. I have had to have a new job whcih does not really allow a whole lot of disposable income (this will change in 6 months), so am selling the house to raise the funds. I hope that this works for both of us and I wish you luck.....I just want it all to stop and to be able to move forward with my life.

[depressed]

hi shrimp ,our house is on the market ,we have sent our paperwork off but havent heard anything from our ip yet ,i don't think we will hear anything until our house is sold then he will know the exact figures hes dealing with ,well i hope this is the case because we sent all the paperwork off a while back and havent really had any other communication from them ,however they did say they had contacted all of our creditors and were waiting to hear from them .
fingers crossed for both of us ,we can't guarentee a monthly set amount my husbands self employed and work is rubbish at the moment ,fingers crossed they will realise this is the best we can do ,its such a worry that they will want more ,the place we are going to rent is quite rough so we will need to do that up ,plus 3 kids with expenses !!!! and help no work coming in ,night mare !!!!!
what a worry .
hope all goes well for you ,how much will you be offering in the £ if you dont mind me asking ? we are offering around 36p after ip fees .

[MelanieGiles]

Your IP should not need to wait until the house is sold - they can put forward an IVA based upon a future sale - but of course the dividend cannot be guaranteed as the price may rise or fall. I do a lot of these types of proposal, and allow a period of up to 12 months for the property to sell. You would probably not need to make contributions in the meantime, given the sporadic nature of your husband's income.

[Shrimp]

Hey...I am quite lucky as have agreed a sale to a family member, which I am just waiting to go through...they get an investment and I don't have to deal with estate agents!!!

Not sure yet how much in the £ it is likely to be...or what IP cost are likely to be...I was told that the IP costs came out of the % but as yet am unclear on this. I believe I will be able to offer between 30-35p in the £. However my issue is that HSBC are my main creditor and they are aparantly not accepting less than 40p. I guess at the moment everything is up in the air...but hopefully I will know more soon...will keep my fingers crossed for you. At least there is just me....but it I am currently renting a room in less than ideal circumstances, which I will have to try to deal with until this is sorted.

[couple31]

couple31

what happened when MBNA said no?

Sorry for late reply, don't get on much at the moment

They were the only ones to say no so didn't matter luckily

Would love to have heard their reason tho