could 15% be accepted to settle 5 year IVA early

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carl

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Post by carl » Sun Mar 11, 2007 1:08 pm
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I have heard from my Insolvency Practioner that if I want to settle my 5 year IVA early (25% of my original debt)then I have to find a minimum of 20% of the debt (inc contributions to date after 2 years) is this true and is there a set limit, could 15% be accepted for example?
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kezza

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Post by kezza » Sun Mar 11, 2007 1:27 pm
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Hi Carl and welcome,

What would usually happen is your IP would arrange another meeting with your creditors putting forward your proposal, some creditors would prefer to take a little less and get the money in one go than to hold out for bits and drabs

I'm sure a real expert on the forum will advise soon
THE ONLY WAY IS UP :-)
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neverending

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Post by neverending » Sun Mar 11, 2007 2:38 pm
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Hi Carl
There are many factors that have to be taken into account.There is no "set"amount and each agreement will have a different set of circumstances.
I would take the advice of your IP as a 20p return as opposed to a 25p return is a good result if it gets agreed.However I would wait for Melanie Giles to return to give a much better response.
Can I ask how you are going to fund this proposal ?
Andy Davie
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