my current IVA,it was for 6 years at 174 per month, I have 16 months left.however my youngest child (Aged 2)was diagnosed with Diabetes Type 1 last September and also Coeliac disease. Im struggling to cope with her care and hold down my job.I need to resign,mydoctor has recently diagnosed me with anxiety due to excessive panic attacks and put me on beta blockers.my parents have offered to settle the iva.I have been informed by my IP that I owe to date £3132. which is what would be offered as F&FS.problem is my current financial situation has changed due to my childs illness I am now in receipt of DLA for her and most recently carer's allowance its increased my income by £400 a month,but with me finishing work as soon as the IVA is resolved this will be my only income along with my tax credits.my shopping bill has increased by £100 PLUS due to her special dietary needs,hospital trips & parking,the extra clothes & bedding.Im sure that the IP will see my I&E of monies coming in and say I should be paying more to my iva anyway which is scaring me as I need this to end and just want them to accept an offer.my debt was for £16400 & my IVA is to pay £12528.I currently owe £3132. what would be my best option to clear this off. will my IP need to see my bank statements in evidence or will they just put the offer to the creditors & see what they say. I don't think I could manage to go through 100s of forms and calculating figures and explaining myself and my situation over and over. I need the easiest way out, less paper work and less stress my life does not give me time for this.
I have spoken to my IP who hasn't said much other than make your offer and fill out the I&E,that he will take it from there and be in touch with his decision and request of docs he needs.
I would think creditors would accept what has been paid to date as a full and final settlement given the circumstances. The DLA would not count towards your surplus income and your additional expenses would be allowable.
Go back to the IP and ask him to propose a full and final based on payments to date as I see no reason why you should borrow the remainder and get back into debt.
Thanks for your reply michael.
I wouldn't dare ask them to accept what has been paid to date as full and final the thought of the chance of rejection would tip me off. I'm happy to pay the iva balance of £3132 and this would be paid by my parents who isn't asking for it back off me they just want to help. I'm more worried about the paper work involved I'm with grant thornton who have sent a letter and a I&E form the letter says they will send for my documents via courier? I don't no where to start with explaining that my current income has increased by 400 a month due to child's dla payments but that the fact I need to resign from work would make my overall income less after the iva is completed which can only be done if tge creditors agree to accept my offer without an increase. And I'm not sure I can explain my bank statements as I always draw out cash how do I explain that! I don't no where to start I'm scared there going to decide my offer and increase my payments forcing me to have to stay in work and physically struggle I so desperately need to eliminate some worries. Thanks again for your reply.
Hi Nicola, I can't offer you any advice as I'm not knowledgeable enough but just wanted to say that my thoughts are with you at this difficult time. As if life isn't hard enough! Good luck with finishing your IVA early.
The DLA payment for your child should not be included as the money is for the child and not your income. Resigning from work on approval is perfectly reasonable and I am sure GT can get this through especially if your parents are going to pay off the IVA anyway.
I would not be concerned about the bank statements as it is up to you how you spend your own allowances so they should not query this. I would be confident putting forward a full and final such as yours and I am sure GT will be too.
I so desperately need to eliminate some worries. Thanks again for your reply.
