Hi my husband and I are 2and half years into our iva we have been offered 15000 by a family member to settle the iva.
The target of the 5yr plan is £27780 for a debt of £60690 with the 6yr equity clause
If we cannot remortgage the addition payments in yr 6 will be £6961 ,so the total paid will be £34741
To date we have paid £18263 plus we will be making February and March`s payments totalling £1030
Therefore altogether already paid £18263 plus £15000
gift and next 2months payments totals £34293
Do you think this full and final settlement will be accepted.
I think you have good offer to make. Ensure that it is clearly stated the third party funds are only available to you for the benefit of ending your iva through F&F and if not accepted you won't have access to it.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I agree that this is a very good offer.
As well as the creditors (and IP) getting their monies early and in a lump, rather than dribs and drabs, they will also be saving on interminable admin costs, so will all be better off.
Best of luck with it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
When putting forward the offer make it plain that any delay will reduce the amount of third party funds by each subsequent IVA payment as some firms are slow with variations.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
When putting forward the offer make it plain that any delay will reduce the amount of third party funds by each subsequent IVA payment as some firms are slow with variations.
Hi our ip has come back today warning if the above offer isn't accepted the creditors may push for bankruptcy.
The house is valued at 225000 mortgage 148000 secured loan 36000
Can they and do you think they will push for this we have a 13 year old daughter and myself and husband are separating losing her house to Will destroy her as she already suffers from anxiety I'm so worried.
I must be missing something here. This question of bankruptcy being pushed for if an offer fails comes up regularly.
My thoughts are that, if the variation is drafted correctly, giving the options of, basically, take it or the IVA continues as previously agreed, BR doesn't come into the equation.
Only when there is a strong possibility of an IVA failing should the offer be rejected would there be any sniff of bankruptcy --- and, even then, most creditors are not ogres if the circumstances are pressing enough.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think that it is just a risk adverse approach to ensure that the IP is seen to have identified all options.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
So should I call and follow up with a letter stating that if the f@f isn't accepted will will even though possibly separating that the iva will continue as previously agreed and that bankruptcy is not a option ?
Last edited by nicky123 on Wed Mar 11, 2015 9:24 pm, edited 1 time in total.
Hi just an update although it took just over 5 months the f@f settlement was accepted at the end of august paid and settled.
Thanks for all the advice.
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
