offered 50k

[scaredkez]

after already telling mum and dad before that i was going BR and would lose our home (believe me very hard) i have told them that it is now reality, however reading otherposts and giving my own advice to posts i never thought to find my self in this dilemma.
i owe 93k my mum and dad think it is in the region of 40k and today have offered me my inheritance, well an aportion of it, these simple people that i love have an account set up for their 2 children and everything they own will go to grandchildren the latter being paid a very substantial sum,well to cut a very long story short they have offered me £50k on a plate now, i have totally refused their help and told them to give it to the g/children, i was just wondering if i was to accept what is the probability of a full and final settlement of what i owe on that cash figure, they have told me that although they may have been seen to live a humble life they have allowed for many things in their equation sorry this is their words don't understand what they mean only they have money i didn't realise
they want to see a way out for me using their money now instead of later, i would rather go BR and face my own demons than take their money but can see where they are coming from in respect to the kids and keeping our home if posssible
or would the creditors want more than i could offer don't want to upset them and ask for more any advice please
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[freelili]

Hello Kerri

Sorry cannot answer the technical question but Its over half of what you owe so I would think based on what I have seen that you are in with a chance, in this strange world or IVA's, Although you do have NR sd one of your creditors if I remember.

I was in this same position and refushed my mothers offer, however my circumstances were, myself and my children were not facing losing our home, my mother was on her own (dad had already died) and I was afraid that she may need money for (care) one day. Two of my four kids will probably be dependant until I can no longer care for them, meaning working full time is really difficult for me. My mothers offer would have been generated from equity release, I had heard some bad things had happened with this.

Your situation is far more dire and I feel that you have already been dealt just about the worst IVA lotto ticket that anyone could have been. I have followed your threads and felt for you deeply. (You have been mistreated by the IVA world in my opinion and would imagine you are terrified of it, even with the money in hand, I know I am) In your situation, I would carefully consider your options and seriously consider their offer.

All the best, I hope you get some better advice than my ramblings

love


LILY

[Skippy]

Oh Kerri you poor thing. I can completely understand what you are going through as my mum again offered me money this week.

I can't advise you whether to say yes or no, only you can make that decision. I have said no to my mum, but my situation is similar to Lilys - my mum is on her own and it would have involved equity release.

Think long and hard about the decision (I know you will), and good luck with whatever you decide xxx

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[freelili]

I think the diference that we are trying to communicate is that we have nothing to lose by going BR.

You have, Kez good luck

LILY

[Skippy]

Thanks Lili, that was exactly what I was trying to say! If I stood to lose my home then I might have taken my mum up on her offer, but the only thing I might lose is my car, and to be honest I'm resigned to that now. Good luck Kerri, I'm thinking of you xxx

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[MelanieGiles]

Hi Kerri

If you feel that your Mum's very generous offer is worth taking to avoid bankruptcy proceedings, then I believe an IVA would be very simple to propose for you.

My suggestion would be to make an offer at the minimum level required for accpetance generally - 25p in the £, given that the monies are forthcoming from a third party. Can you remind me what your disposable income is and how much you owe.

Please refer to an insolvency practitioner with a good reputation next time, who specialises in these types of proposal and is trusted by the creditors. I was talking to Northern Rock yesterday who tell me now that they only operate the 45p in the £ minimum dividend criteria on their credit card debts, but for all other debts including the "together" unsecured element, they are happy to receive all proposals and judge them on their individual merits. It will be interesting to see if they stick to this in reality!

Kerri, you have had a really rough time over all of this. Please make sure that by accepting the money that you are not going to put your parents into their own financial difficulties. If I were proposing this IVA for you, I would treat the money as a loan from your parents, and show that you were using your disposable income to repay that loan.

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

[zoe]

Melanie
YOu have made my day with that comment over Northern Rock - Doug is sending me the paperwork and then will be speaking to someone who he thinks will take my case on who deals alot with Northern Rock
Will you be using this advice from Northern Rock for your future proposals if they say no??

ZOe
xx

[MelanieGiles]

Zoe

I fight hard for all my clients, evidenced by my very low rejection rate. If the case merits proposal, then rest assured we will do all we can to get it accepted.

I can't wait to get my hands on a lower offer case to see whether Northern Rock mean what they say, although I have to confess we have a very good working relationship with the bank and their voting representatives which does help!

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

[zoe]

PS Kez
Hope everything works out and they accept your proposals - they would be made not to!!!
xx

[zoe]

Hi Melanie
Doug has advised me that he will be speaking to you to see if you will be able to take my case on, i hope i haven't overstepped the mark by saying that?
Zoe
xx

[MelanieGiles]

Not at all - as ever I am delighted to help! Speak soon!

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

[zoe]

Excellent!!
Hopefully if we do go ahead you can work your northern rock magic!!!!!
Zoe
xxx

[freelili]

Hello melanie

I was just wondering, maybe its not my place to ask but if Kerri went for IVA and NR decided not to accept it all, would kerri lose the money in BR, I have been thinking about this all day. I really care about her and I know how much she has suffered already, I have tried to contact her via e-mail I would hate for this to happen.

thanks in advance and I am sorry for asking

LILY

[neverending]

No,because its a gift/loan from her parents for the specific purpose of proposing an IVA.If this is rejected then the offer will be withdrawn and if Kerri decides on bankruptcy then this figure will not be included.
Regards

[MelanieGiles]

Agreed. Kerry will only get the money from her parents in the event that her IVA is accepted. No money will be given to her until this happens, and her parents would have up to a year to raise it.

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