Lump Sum IVA

[paulgm_2000]

Hi,

I have been considering an IVA for some time and have been told by MCCambridge Duffy that my offer £300 of 60 months for a debt of £53000 may not be enough.

However, I have recently heard of the Lump Sum IVA which would mean just one payment instead 60.

My family have offered to lend me around £17000. Would it be possible to go for a full and final settlement straight away?

Thanks

[MelanieGiles]

That depends upon how much you actually owe, so could you clarify the amount please.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[paulgm_2000]

Hi Melanie, I hope you and everyone else on this forum have had a good christmas.

I owe £53000 in total over 15 creditors in answer to your question.

Thanks,

[MelanieGiles]

I would have thought that you are in the right ball park there - and my apologies as you had already posted that information in your original post! I do a lot of lump sum based IVAs and they are quite popular with creditors who can see a return on their money fairly quickly in comparison to a five year IVA.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[paulgm_2000]

Thanks Melanie,

Could you advise on the best way to proceed please. If I offer the £17k and it's refused will i be forced into backcrupty? or would the creditors ask for more at that meeting?

Thanks again

[Adam Davies]

Hi
You will not be forced into bankruptcy you will just be back to square one.
Your next step is to talk through your case with an Insolvency Practitioner.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Creditors can ask for whatever they like at a creditors meeting, but they cannot get blood out of a stone. If this is all you can genuinely afford to offer, and you have a good IP behind you who is prepared to represent your case properly, this should bring the success that you are looking for.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[paulgm_2000]

Thanks guys,

Your help is very much appreciated.