can a 3rd party help you out in a iva?

[on -the -up]

Hi all,

I would appreciate your advice, i have a 4th year equity release and am not really keen on taking on any further debt ever again but i understand why this is there and have no problem with it, My question is my brother and sister asked the question if they could help me out in anyway by perhaps paying for my childcare costs thus freeing up money each month. I have noticed people offering lump sums to re-negotiate there iva, and was thinking if a reasonable increase can be offered could you negotiate the removal of the 4th year equity release especially in this current economic climate and pay more now through a 3rd party scource as explained.

Kind Regards

Rob

[MelanieGiles]

I think that you would be unlikely to negotiate out of that clause at the moment, but if your relatives could come up with a similar lump sum when you hit the fourth year then this may be possible.

Instead of them paying for your childcare each month, you could put their contribution into a savings account and use it when you need to deal with the equity - or at least as a contributions perhaps?

[on -the -up]

[:)]Thank you melanie for your quick reply,i think the option you mentioned is the way forward, makes sense really. Thanks once again

Kind Regards

Rob

[Soulgrowth]

Presumably the relatives would need to put such contributions into their savings account otherwise it would be included on the I&E at your yearly revue?

Debbie