I have been in an IVA for 14 months and paid £3500. My debt was £24731 which went up to £30k after costs. My sister has been left some money in a will and would like to clear the IVA. Can I make an offer or will I need to pay the IVA in full ? Would this have any implications and would the IVA then be clear ?
You can make an offer with your sisters help (and very generous of her).
If accepted the IVA would complete although it would remain on your credit record for six years.
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
Also, forgot to add that you need to make it clear to your IP company that the money is only available for the offer which will be withdrawn if it is not accepted.
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
If there is no equity you could make an offer of around 40 times your monthly payment (about £10k).
You would need to make it clear where the funds are coming from plus state that the funds would not be released if the offer was rejected.
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.
While I agree with the other posters I would also say that your offer should decrease with each payment you make. Some firms are very slow in proposing variations so you do not want to overpay esepcially as it is someone else's money.
Hi Freda - yes make an offer based on the number of contributions you have left less a reduction for savings on Administration costs etc. Do not tell the Supervisor how much money your sister has or that it came from a windfall. All the creditors need to know is that she is willing to gift you £x in order to help settle your IVA early. What a nice sister!
