Has anyone else had an IVA accepted when on benefits?

[Lucy2222]

I would suggest a chat with another firm, just to compare advice.

Hi
What would you think about a full and final Iva payment. I would be offering 7,000 as a gift from my parents. That would be more than they would receive through Iva payments and also bankruptcy?

[Foggy]

I would suggest a chat with another firm, just to compare advice.

Hi
What would you think about a full and final Iva payment. I would be offering 7,000 as a gift from my parents. That would be more than they would receive through Iva payments and also bankruptcy?

Certainly worth entertaining as it will give all parties a degree of certainty.

[Lisa Thomas]

Creditors will receive nothing in Bankruptcy if you have no assets and are in receipt of benefits.

Why would your parents give away £7k of their savings on this basis?

Have you taken any advice?

The lump sum is usually done to avoid a formal Insolvency procedure because you have assets to protect or need to avoid the consequences, perhaps the need to continue to be a Director etc.