can i propose to pay a lump sum at the start of the iva as a full and final settlement.if accepted will i still have bad credit for 5 years. how close to full figure will i have to be
Yes - these offers are most receptive by creditors, as they get their money back a whole lot earlier than waiting for it to be drip fed over a five year period.
owe about 30000 to spread bet company and about 80000 to various credit cards.. also various amounts to friends and family. was also wondering what level of proof was required for friend and family debts..
Your friends and family will need to demonstrate the methods by which the lent you the money - bank statements showing withdrawals to match with deposits into your bank account are a good starting point.
i took some advice from a large iva company but guy on phone did not seem very knowledgeable. he said i would not have to declare shares if they could cover debts to friends and family. this did not sound right. also would things like shares and savings be checked for to ensure the person is giving a full picture. how would they do that, trail through all share registers or just rely on honesty?
You need to give full facts and figures supported by bank statements and/or other documentary evidence. Speak to someone who understands as the guy you have contacted is talking rubbish. Visit www.iva.com where there are a selection of firms with reviews that might appeal to you. Good luck.
Last edited by David Mond on Tue Oct 14, 2008 8:17 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
You need to make an honest declaration of your assets, liabilities, income and expenditure - firstly to your IP and then to your creditors.
The problem with the larger firms is that their front end advisory service can often be manned by inexperienced call-centre staff who may have to refer to a higher level for appropriate advice. You may find it more beneficial to choose a firm where you can have direct access to the IP as an alternative.
Would shares not be treated like endownments and other assets and paid into the IVA at the begining? If they are surely you cant use this as a full and final settlement!!
I think that the poster is suggesting that he sells his shares and uses the money to effect a full and final settlement, Steve. He is not in an IVA at this point in time.
This would be permissible providing that a sensible offer was being made to creditors.
