Half way through, what are the chances?

[LJColeman]

Hi all,

I am after some advise. I entered an IVA with an opening balance of £19,568.

At the time I was on a very low wage and it was agreed that I would pay £149 (£8,940). I entered the IVA in May 2021 and have so far made 27 Payments.

Due to a very big pay rise, my standard monthly payments increased to £339 Back in February. So far I have paid £7,441 to my IVA. It looks like if I carry on making the monthly payments, I will re-pay the entire value of debt (which I have no problem with).

My parents have recently found out about the IVA & have offered me their savings as a gift to clear the IVA. They have offered an amount of £6,000 which is all they have & are only prepared to gift the money if it clears the IVA.

What are the chances of getting this accepted? From my calculations I have 34 payments remaining at £339 (£11,836).

Kind regards
Lewis

[Aceshigh1993]

I'd say your chances are low.

Creditors do not like being in an IVA either, because life happens and it's risky, but the amount you're offering is almost half of what they will receive if they let the IVA go to term.

Maybe you can pay the £6k off the balance and be in an IVA for less time, but it's not the ideal solution you want.