We are in an IVA at present with FJ with a balance of approx £18000=.Payments left 18x£642 plus final payment of £7008=or 12 more payments of £642.
As i am now 71 my part time earnings have reduced by over 50% from 12 months ago which has put us in difficulties meeting our payments.
A relative would be willing to pay £8000 as a F&F do you think this would be acceptable given the above figures.
Hi B&M Yes - I should think so. If you are able to continue paying something whilst the variation meeting is called this will also bring the balance down a bit. In addition you need to stress that your position has changed and you cannot afford to continue the contributions at current level, which means if creditors don't accept the lump sum you will either pay less for the remaining term, ask for F&f based on monies paid to date, or breach the IVA so sounds like a good offer to me. Also saves on future admin costs etc and brings it to a close early.
