and are divorcing. We have sold our share of our house, and will receive £16,773 equity. We have paid into our IVA for 3 years, (8k so far) and have 3 years to go. As we are divorcing, we have put in for a settlement of our IVA. Initially, we offered £10k, but was advised by variations to offer more. We explained that we also needed money to rebuild our lives, pay rent and deposit on new rented properties and buy new furniture as it was all being split between us. They calculated over 3 years we would pay back £10,500 so we have offered £11k, and are now waiting for the draft report for this offer.
The problem is, Debt free direct have asked that the solicitor retain ALL the money until they have decided if they will accept the offer or not. The solicitor is not happy about this and said she will not write to say she will hold the money until they have agreed an amount. Now DFD are saying that it will take a month to hold a meeting and until they have decided, we are not allowed any of our equity to help us find new property. We expect to move in 6 weeks and therefore need the money available to put down deposits etc. We have explained this to DFD, and all they say is its `normal` procedure and its what they `usually` do. We feel if the offer has been put forward then that is what we can work to, as it will only leave us approx £2600 each, £1500 of that is needed for deposit and 1st month rent.
I have a child so is very important this causes as little disruption as possible. If they do not accept £11k it will leave us very little to sort ourselves out and we don`t know what to do about this, or if we are able to continue with the offer and just hold 11k for them. the solicitor said she can write to them and say that we will provide itemised lists of what we need to buy, pay out for deposit / rent on 2 flats and release the amount we need. Any ideas?
