Would this F&F be accepted ? I'm seriously worried I will fail my IVA if I can't clear it ASAP.

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Sarah.78

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Post by Sarah.78 » Mon Feb 01, 2016 4:26 pm
I am 3 years into an iva and I'm struggling with my repayment I've got 3 children and desperately want it to end. My dad has offered me £2000 to end it (I have £3000 left) is this offer likely to be accepted? I am seriously worried I'll fail my iva if I can't clear it asap.
 
 

kallis3

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Post by kallis3 » Mon Feb 01, 2016 4:43 pm
Hi,

Speak to your IP and see if they will accept this offer - I think it could be considering your circumstances.
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
 
 

Lisa Thomas

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Post by Lisa Thomas » Tue Feb 02, 2016 12:45 pm
I Sarah it sounds like a good offer.

In any event if you are struggling it sounds like your payments might need to be reviewed and reduced accordingly so please don't think you will automatically fail if the offer is not accepted.

When you make the offer (if you haven't already) explain whatever change in circumstances has brought about your difficulty to keep up the payments.

You could even put forward a variation accepting payments made to date in F&F however you would need to show that you can't afford any contribtions going forward.

Make sure your IP doesn't sneak in any clause about having to petition for your Bankruptcy if the variaiton is rejected.

Worst case scenario if the variation is rejected it sounds like your Dad will be able to help you with the contributions going forward while you make up the difference, although I would hope this shouldn't be necessary.

Good luck!
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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