possible case for a full and final IVA?

[andymac]

Partner (not married) and I rent a house. I owe in excess of 100k of unsercured debts for a variety of reasons, not applicable here. An IVA would be ideal, but our disposible income cannot meet the minimum, it is at about 16%. If i could come up with the funds from a family member to pay back say, 20% or 25%, do I have a possible case for a full and final IVA?

I have no assets, partner is solvent with no personal debt problems at all.

[MelanieGiles]

Definately - creditors like full and final settlements, so give it a go if you access to appropriate funding.

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

[Oliver]

Absolutely, creditors are often happy to settle an IVA with a full and final payment as long as you can show that you will be using your current D/I to pay the family member back. The majority of creditors will accept a minimum of 25p in the £ returned on money lent but there are some who have higher criteria. Please post some details of the creditors you owe the money to so we can advise further.

Best Regards
Oliver

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

[andymac]

Hi,

Many thanks
HSBC
MINT
NORTHERN ROCK
EGG
NATIONWIDE
CAHOOT
BARCLAYCARD

I understand that HSBC and Northern Rock can be difficult, is this right?

[Adam Davies]

Hi
Yes they can but what is the alternitive for them ?
Bankruptcy will give your creditors only a few pence in the £1 whereas a full and final IVA will give them a minimum of 25p in the £
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

[andymac]

Thanks.

If the choice is between a few pence compared to anything more, why is there a rule of thumb of 25 pence plus?

[whichwaynow]

Hi,
I recently had my F&F approved. I had a lot more creditors then yourself but some of them were EGG,BARCLAYCARD,MARKS &SPENCER (WHICH I THINK IS HSBC). They accepted my offer of 37p in the £.
Is NORTHERN ROCK one of your biggest creditors ?

[andymac]

Northern rock is only 7% of debt value. I also have M&S, but only 5% of debt value, I forgot to add that to my eslier post below.

[andymac]

Also, I cannot afford 37 pence in the pound, 25-30 maximum for me.

[whichwaynow]

Just becuse my offer was 37p in the £ does not mean that your offer will be rejected. I was just saying that was my offer. You give them the best offer you can afford and see what happens.

[Adam Davies]

Hi
The 25p rule of thumb is used because of the costs of setting up and administrating an IVA.However we have had cases of proposals accepted where the dividend has been about 18p.
Nothing seems to be set in stone on the insolvency world.
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

[andymac]

Thanks.

Is the cost of handling a F&F IVA borne by the creditors or the debtor?

[Adam Davies]

Hi
Unless you are repaying 100% it,s borne by the creditors.
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]

Andy

You do appear to have a good case, but take specific advice from an insolvency practitioner directly to see whether you qualify.

Good luck

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