I am currently coming up to my 3rd anniversary of my IVA. The original debt was £38k and i pay £260 per month which would equate to £15,600 at the end of the 60 months. I think this equates to 25p in the £. The problem i have is that it looks like i could lose my job (due to the current financial climate). If this happens, i will have to go back and live with my parents and probably claim bankruptcy. My best friend has offered to give me £2k to offer to settle the IVA early. I know this sounds like such a small amount but i''m not sure what else to do. Max Recovery have bought my debt. Please can you let me know your thoughts. Does it look like it could be accepted?
I would certainly put the proposal forward. We are closing cases at pennies in the pound where people are in the same situation as yourself. It is not your fault and the alternative is creditors get nothing. Hopefully you will not lose your job but if it does happen hopefully creditors will allow an early closure.
Thanks Michael,
I had a meeting with my boss last week and it looks likely. Would i have to wait to find out that this is definite before making the offer of settlement or could i pose the question now?
You could put the offer forward now but it would be more likely to be accepted if there is definite proof of your redundancy. Creditors may want to know how much [if any] redundancy you get before they agree to close down the IVA.
