IVA and lump sum offer

[dr_kitten]

We owe around £83k total.

According to the IVA calculator/wizard, under an IVA we would be expected to repay around £30k going on my income/expenditure over the 5 year period.

My father in law has offered (very kindly!) to loan us some money to make a lump sum offer at the start of the IVA to get things cleared and for us to then repay him at a lower rate for a longer period of time with minimal interest added.

Does anyone know if an option like this is even available?

[aguise]

Hi Dr Kitten and welcome to the forum.
This is a definate possible option for you. The best thing to do now is to speak to an insolvency practioner and get good advice on the best way forward for you.
You can find details of Insolvency practioners and companies on iva .com and I personally would recommend Melanie Giles and team as a great place to start. All the best keep us posted on how things go and ask anything that you ae unsure of.


Ang

[MelanieGiles]

Hi there

Calculators like this are only there as mere guidelines, and your case would need further assessment by an insolvency practitioner before a final figure could be agreed. But in principle it appears you may be on the right road, and how lucky you are to have such a kind FIL - although I imagine he will need to be repaid.

[Sarah Nancollas]

Hi

Creditors like full and final settlement IVAs as, from their point of view, there is less risk - they don't have to wait five years. As Melanie says you would need an IP to work out a sensible offer. Depending on your household income and expeniture (and any assets) a lump sum IVA should be very workable. We have several clients whose IVAs have been agreed on this basis. It has the added advantage from your point of view that, if the funds are available quickly and creditors submit their claims quickly, the IVA can be concluded in a short amount of time - we often manage it in 3/6 months from approval.