Can someone else support the IVA?

[rosa]

Hi,

One last question... Can someone else support the IVA?


Thank you

[iva_squirrel]

Hello Rosa,


Often, the funding for IVA’s can be supplemented, or even fully provided by a third party – a friend or family member. Sometimes, even a small contribution from family can be enough to gain the favour of creditors who might otherwise react badly to a low offer.

I hope this helps.

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[Oliver]

Hi Rosa

Yes, the IVA Squirrel is right, as long as their support can be substantiated and sustained, then anyone can support an IVA. This can be in the form of supplementing monthly payments or providing a lump sum allowing a full and final settlement.

In fact, it is quite normal for a spouse or partner to support an IVA with their own income. Alternatively parents often support their children through an IVA by allowing them to live at home at reduced rents.

In the case of monthly payment support, the only thing to bare in mind is whether the support can be guaranteed for the duration of the IVA (up to 5 years). Clearly if the support is withdrawn during the IVA, the monthly payments may then become impossible to sustain and the IVA could fail

You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
James Falla
www.thomascharles.com