My partner and I are just over 6 months into our IVA and we have been offered a lump sum to offer our creditors.
Our outstanding debt is roughly £40k plus IVA fees.
We currently have around £100k equity in our property with 22 years remaining on the mortgage.
The total amount payable to our creditors over the course of our IVA will be roughly between £10k - £12k depending on whether my partner goes back to work full time or part time after her maternity leave.
A family member has offered us a lump sum around the £6k mark to offer our creditors and our IP has said he will put this forward but are we wasting our time here?
We have received a letter from our mortgage provider that states we will not be able to further borrow or remortgage at any point while we are in an IVA. Maybe this will strengthen our £6k offer?
Your IP must think there is a chance to be willing to put it forward. Being so early in the IVA means that a lot would e saved in administration fees and time over the next few years, which is in your favour.
I have seen very low offers accepted as well as generous ones refused -- it is really impossible to predict.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi - You have nothing to lose in putting the offer forward.
I would mention that your partner is going to be part time after maternity in which case she will possibly be asking for a reduction in contributions going forward on assumption her income will be dropping.
