I`m half way through my Iva

[cemlyn]

Hi! a bit of a stab in the dark really but I hope you could advise me?

I`m half way through my Iva, I have made all 30 payment so far at £387. (Which Has been very hard at time!!).I have another 30 payments to make. I`m due to get married in july and plan to start a family, which of course means I will need all the money I can get. My father in law might be willing to pay off the rest of the debt so that I can concintrate my finances on his future grandchildren, I would then pay him back on terms that are more beneficial to me, is this possible? If so I know he does not have the full amount needed to clear the rest of the Iva therfore I suppose what i`m asking is would they take an offer?

[MelanieGiles]

Hi cemlyn and welcome to the forum.

As your IP for an early settlement figure, which should be based upon the value of outstanding monthly contributions, with a discount for his fees in the fourth and fifth year which will no longer be required.

If your father in law is unable to offer a payment at this level, then creditors may be prepared to accept a lower offer on the basis that you will be unable to continue your payments when you have a child. But as that has not yet happened, I do not feel that your creditors will be terribly sympathetic - although their is always the argument that a lower figure paid earlier is better than waiting for monies to be drip-fed over the next 2 1/5 years.

The main thing to bear in mind here is not to put your life on hold just because of the IVA. The IVA needs to be flexible enough to adapt to those life changes we all experience within a 5 year cycle.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk