Offer to end IVA accepted!

[bobs]

Hi there

Justwondering if anyone can advise. My partner has an IVA of which payments are £300 per month over 5 years. She has paid 30 months of this and has approx £9000 to pay. Is it possible to offer this amount ( or less if possible )to end the IVA?

Cheers

Bob

R J Sherwood

[Andrew Graveson]

Hi Bob,
Is your partner a property owner? If so, does your partner have an equity release clause in the IVA?

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[MelanieGiles]

This may be possible, but as Andrew says if she is required to raise equity from her property at the end of the agreement consideration will also need to be taken of this in offering a full and final settlement.

The best thing to do is to get her to discuss the basis of settlement with her own IP.

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

[bobs]

Hi

Many thanks for the quick reply, only found this site this morning and it is superb. No my partner does not own any property the house is in my name and there is no mortgage or loans outstanding on the property.When she went for initial advise the IP advised against bankrupcy as she may have a claim on the house due to having lived there for 15 years

Cheers

Bob

R J Sherwood

[MelanieGiles]

Hi Bob

Who owns the property that she lives in?

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

[bobs]

Hi Melanie

It is owned by myself, my partner has never been on the mortgage although she has lived with myself for the past 15 years. I have no mortgage or loans secured on the property.

Cheers

Bob

R J Sherwood

[MelanieGiles]

Under bankruptcy caselaw, there may be some argument that your partner has developed a beneficial interest in your property by nature of the fact that you have lived together for so long and she has obviously financially contributed to the running of the property and perhaps the mortgage.

But she is in an IVA, so that does not really apply as creditors accepted her argument in the first place. Assuming that you are going to be offering the money to her for her to settle her IVA, it appears that the offer is reasonable. Get her to ask her IP for a settlement figure.

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

[bobs]

Hi Mel

Many thanks for info, we will arrange meeting with IP for this week. There will be approx £8000.00 owing as of next month. Would you be able to advise an approx figure as I guess the IP will have to waiver there fees for approx 30 months?

Cheers

Bob

[Adam Davies]

Hi Bob
They will have to arrange a variation meeting and this will cost.You are probabaly looking at an offer of 7k to secure acceptance but don't be surprised if they ask for the equivelent of the remaining payments.
Regards

Andy Davie
IVA.co.uk Spokesperson

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]

Make sure that they are transparent about the fees they intend to charge for the future, so that you can understand how these compare with the original proposals and that a fair settlement is being offered. As Andy says there should be some discount on the fees.

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

[bobs]

Hi Andy and Mel

Many thanks for the advice, will keep you informed as to developments


Cheers

Bob

[bobs]

Hi

Well tomorrow is the day. We have a meeting with IP at 14.30. At the end of Feb ( thats when the savings run out !! ) my partner will owe £7800.00 so we keep you informed as to what the final settlement will be. Hopefully with 28 months left to run from Feb then we should get some rebate with regard to IP fees

Cheers

Bob

[Skippy]

Good luck for today Bobs x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Skippy]

Oh dear, I've just realised that this was posted 3 days ago! I'll rephrase it - I hope everthing WENT well Bobs!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[iva experts]

Hi Bobs how did everything go with the I.P? Did they give you a figure?

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/