settlement

[james.c]

Hope some one can help

My parents have mentioned they are considering helping with me IVA.

They are thinking of giving me 20k as gift, if it will be accepted as a final settlment, but if this does not happen they wont give me the money.

The facts are -

1 -When i took out the IVA i had 28k of debts.

2 - been paying in to it since feb 2007

3 - Monthly payment is £349.00 a year

4 - i dont own a house i rent.

5 - it does say in my iva agreement not to offer a final settlement till after 2 years

Any advice?

no matter how bad money gets, theirs stll alot more important things in life

[MelanieGiles]

Hi James

Am sure that we have discussed this on earlier posts, but it does look like a good offer. Have you discussed figures with your IP yet, and do you own a property where you have to release equity during the final year?

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

[james.c]

no i have no property so their is no equity release.

What about the bit in the IVA stating i can not offer a settlemet till after 2 years?

no matter how bad money gets, theirs stll alot more important things in life

[MelanieGiles]

If I were your IP I would put forward a variation on the basis that the offer is good, your circumstances have changed, and that the variation seeks to vary the modification regarding no modifications!!!

Silly old world sometimes isn't it - but what a ridiculous modification!

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

[james.c]

as always melaine thank you for your advice

no matter how bad money gets, theirs stll alot more important things in life

[Adam Davies]

Hi
Go for it James because that is a good offer and your creditors would be nuts to not accept.
Good luck

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

[Skippy]

Good luck with your proposal James.

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/

[johnpaul]

good luck keep us all informed james

JOHNPAUL