Please can anyone help at all?

[gill.p]

We started our IVA in December, we had 56,000 debt!!!! we are paying back at the moment £340 a month, if in a years time, a family member offered to help us out and pay this off, how would this be calculated? would they want the expected recovery figure, approx £25,000 or the full original debt plus IP charges. I need to know as I have a very kind family member looking into other possible options for us.

[aguise]

Hi Gill I think the expected amount for a full and final offer from a third party would be the same as offered in the proposal or even a little more to tempt them. If it were a windfall then it would be the full amount plus IP fees and possibly interest at 8%.
Wait for conformation.

Ang

[angela18]

you're very lucky to have support like that..

[gill.p]

It is a family member prepared to remortgage to get us out, but not for definate yet. They know we are struggling with repayment due to my ex husband not making any further maintenance payments (£200 per month, but he has been made redundant) and my wages cut by a couple of hundred, so they may help, this surely wouldn't be counted a a windfall. If we took this opportunity we would sell, they would help with negative equity and we would rent. So we would actually see a little more cash each month.

[MelanieGiles]

You ought to ask your IP to provide you with a settlement figure which should at least provide creditors with the original dividend they agreed to accept.

[gill.p]

Hi Melanie,

How do I find out what the original dividend is? All I am aware of is that I am paying £340 per month?

Sorry not very educated when it comes to IVA's?

[Adam Davies]

Hi
It will be in your proposal that was sent to your creditors and in your chairmans report.Do you have an equity release clause ?

[MelanieGiles]

There should be a page appended to the back of the IVA proposal which shows the number of contributions you are making multiplied by the amount you are paying - so 60 months times £340 is £20,400, less the fees giving an amount which will be distributed to creditors. The dividend is the percentage you will actually pay back to your creditors for instance 33% is 33p in the £.

[gill.p]

Thanks, yes we have equity release, the expected amount being 4500, on top of 20,400. Fingers crossed my family can help!!!!

[MelanieGiles]

Good luck and let us know how you get on.