do you think this offer would be accepted?

[lucyt]

My boyfriend has been on an IVA since Nov 2006 and due to a bonus I am due to recieve in November we will be able to put in an offer to clear this debt. By this time he will have paid £12000 off the debt (£500pmth) and will have another £18000 to pay over the next 3years. In November we will be able to make an offer of £10000 - but do you think this would be accepted? If not he will have no choice but to go bankrupt as he is finding the payments too dofficult to keep up with. He has approached the IVA company about getting the payments lowered but this has been refused as he does have a well paid job.

[Adam Davies]

Hi
I'll base my answer on the fact that he is not a property owner with an equity release clause.
He has paid in 12k,leaving 18k.There will be IP fee savings of approx 3k,reducing this down to 15k.I would have my doubts that 10k will be accepted,however 15k would.
You will need him to contact his IP stating that he has an offer of a third party loan and that this loan will only be made if it is used to conclude his IVA.His disposible income will then be used to repay the third party.
You will normally need your IP to recommend this variation for it to succeed
Regards

[MelanieGiles]

I also do not feel this is an accptable offer. There is clearly some discord between your partner and his IP, just because someone has a highly paid job it does not mean that they may not be struggling to pay an IVA. He needs to put together a full income and expenditure account and present this to his IP - a Court will not just grant a bankruptcy order automatically when someone is in an IVA without the reasons for this being properly explained.