can my parents give us the money to settle early

[tickertyboo]

Hello,
My parents know about me and my husbands level of debt and they said if we enter into an IVA they will give us around £19,000 to end it early when their money matures it will be maybe in the 3rd or 4th year,will we be able to end it early and would it matter that my parents are giving us the money ?
thanks

[couple31]

No it doesn't matter

My in laws lent us 42k to settle our debts of nearly 90k

They had to show proof of income before the IP would proceed but once that was done, we got yes from everyone except mbna

[Soulgrowth]

Hi ticketyboo (lovely choice of name!) ... just wanted to say welcome to the Forum.

That's really kind of your parents, and well done on you for feeling able to share with your situation with them.

If you could give us some further information on some of your debts some of the experts would be able to help with some more specific advice and guidance [:)]

All the best

Debbie

[tickertyboo]

hello thanks for the welcome ,
Our debts are £50,300 and we will be paying £300 per month into an IVA,but this will include the house being valued in the fourth year,we dont really want to do this as we know we have difficulties getting a mortgage we did when we bought this house because we are self employed and that never goes down well with bad credit rating too.
We will never get into debt again once this is over and i am just thankful for my parents wanting to help us [:)]

[MelanieGiles]

I think that you have the makings of a very good IVA there, and so long as your parents offer will match the amount of equity you would have to raise in the final year, coupled with the amount of your future contributions, I am sure that creditors will be delighted to accept an early settlement. You will also save on the future IP fees as well.

[tickertyboo]

Hi Melanie.
At this point we do not know what the amount of equity would need to be raised,can i ask if you have any idea please?
I think we have at the moment around £17,000 equity will the creditors want all this amount or just a percentage of it any advice appreciated .
Thankyou