Hi me and my husband seperated in 2011 he promised me he was returning so I took out a Iva with him. However he suffered from depression and decided he couldn't cope with our four children left and set up home with another woman. He pays the £270 a month on initial amount if 38k however my father has said he will pay a cash sum to get me out of Iva so we can divorce and move on with our lives is their any advice you can give me on how to get Iva people to accept that
If you offer close to the remaining payments creditors may well accept. However if there is a property and equity you may need to offer a little more as the IVA would likely be extended to six years. This could be offered as a loan from your father which your ex can then pay back.
Make an offer they cannot refuse! Don't play poker with creditors...especially with banks...they are in it on long haul to get as much as possible.
Variations are not like frequent bids on eBay, you have 'one chance'
Look at your creditors make up.My view give them at least what they would have got in the long run to be safe.
Some one posted here recently and tried to be smart and got a No!
Be straight and narrow on this.Don't gamble.
Last edited by TzeKin on Fri Sep 12, 2014 4:48 pm, edited 1 time in total.
offer them monthly payments x months left.
That's the offer I made and had a fair sum left over to restart my life and rent a place in a new town and start life again.
IVA now over with and it was worth it.
now starting my life again,
A variation is not a 'one shot'. It can be adjourned and the offer can be improved just like the original offer and can even be resubmitted. Some IPs do not admit this because variation fees are so low and usually cost the IP money but any decent firm will still fight on your behalf.
I think every F&F differs from case to case !! We had an offer of £10,800 accepted.
If you'd added up all our remaining payments we'd have paid £8,360.
Plus we had the equity clause so with an extra 12 months (if it had gone that way) we had paid £12,920.
So the offer was kind of somewhere in between, remaining payments and the extra 12 months.
But Michael is right any IP worth their salt will put a good case together for you.
Good luck.
*** Don't look back, you're not going that way ***
