Please help! I started my IVA almost a year ago, so 4 more years to go, boo hoo!
My situation has changed, I have met my boyfriend who is American and I want to move over there with him as he is due to go back to the US in the next 5 months. My Iva payment is £520 per month so is a large chunk out of my pay each month, With the Economic Situation just as bad in the US as the UK right now, I dont want to have the added burden of debt if we are starting our life together,and it means I have to be working immediately in the us,Travel Visa issue and with conversion of dollar to poundis going to be a tricky one, If I had a payment from a third party to settle would it need to be the full amound or if it was say 10 or 15k would that be enough, My Boyfiend and I need some answers, Hope somebody can help with some advice as to their situation, Fingers Crossed!
Normally for a full and final offer, you should try to offer as near to the agreed dividend as possible.
You can run that figure by your IP and see what they say. It is also possible to continue paying into your IVA from America, but I don't know how this would affect a work visa.
Have a look at this site, see if it is of any help.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
With four years to run, and payments totalling nearly £25,000, £10,000 to £15,000 does not look terribly attractive from a creditor perspective - however if your IP could argue that this is the best they can get given the circumstances you might be in with a chance.
Speak to your own IP directly to see what they can suggest - and if possible increase that offer to nearer £20,000. Where would the money come from as a matter of interest?
Thank you for your comments, please keep them coming!
The third party would be either my boyfriend or family member, however they wouldnt be able to pay the full 25 left but it may be more possible if it was a lower amount
Best thing would be to speak to your IP and see if they can suggest an amount which the creditors would be likely to accept.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
My gut feeling is that £15k may just about be sufficient when added to your 12 months of payment. But your IP will have to be very compelling in his request to creditors. Touch and go I am afraid. Also bear in mind that your boyfriend is the start of a new relationship which has yet to stand the test of time. However sorting out your financial position is a good start. Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Let us know how you get on, and I hope your application to the States goes ok as well.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
