not sure about in's and out's of settling an IVA

[Kel]

Hi all,

I have just come across this forum recently & it has become a great source of information for me as I have been in my IVA for 4 years now & wish to make an early settlement with my creditors, my balance stands at about £4480 at the moment.

I have already asked my IP to offer a settlement figure of £3000 (a week ago) which will be loaned to me by a family friend but due to unforeseen circumstances she can now only lend me £2500 but I'm a little bit scared to tell my IP about this change, do you think they will understand and also do you think that £2500 is a reasonable enough settlement in my case.

Also I'm not sure about the in's and out's of settling an IVA early will I need to provide any documentation like my bank statements or will they require the money to be sent over to my IP before the meeting so they know it is available.

Any advise you can give me will be greatly appreciated.

Kel

[Oliver]

Don't leave this hanging over your head Kel, contact your IP as soon as you can and let them know that the amount you have to offer is actually £2500. It is better to have this conversation sooner rather than later, especially before the IP proposes this to the creditors.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[MelanieGiles]

Why don't you make another couple of monthly payments to make up the difference?

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

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