Hi, I am struggling after separating from my wife. What offer should I make to settle IVA ?

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Jasondr93

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Post by Jasondr93 » Sun Aug 21, 2016 4:32 pm
Hi I have 2 years left on my Iva and I'm paying £500 a month I have recently separated from my wife it was a joint debt but the iva is in my name and now I'm struggling to pay it each month on my own what kind of offer do u think I should make to settle the Iva early
 
 

kallis3

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Post by kallis3 » Sun Aug 21, 2016 4:35 pm
Hi and welcome,

Sorry to hear of your problems.

You need to speak to your IP and inform them of this and see if they can help you out with your payments.

Where would you be getting the money from to make a full and final settlement?
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
 
 

Foggy

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Post by Foggy » Sun Aug 21, 2016 4:55 pm
As Kallis says -- speak with your IP -- a lot will depend upon the whole set of circumstances and whether you can carry on after a new I&E.

My wife left me and our son about half way through our IVA, but, we had been making extra payments and those, with PPI refunds, improved our dividend. The new I&E showed I could no longer continue and the creditors accepted a F&F of payments made to date ( basically calling it quits).

Your circumstances might not make this feasible, but it is still worth exploring.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Jasondr93

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Post by Jasondr93 » Sun Aug 21, 2016 5:06 pm
The money to make a offer would be coming from a family member
 
 

Foggy

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Post by Foggy » Sun Aug 21, 2016 5:08 pm
In the normal course of events you would be looking at an offer based on £12,000 --- so, maybe £10k would do it. But explore other options first.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

kallis3

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Post by kallis3 » Sun Aug 21, 2016 5:09 pm
Agree with Foggy.
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 Aug 23, 2016 10:46 am
I would speak to your IP about your change in circumstances.

This may lead to your contributions being reduced accordingly which will either give you the ability to continue comfortably for the last 2 years or give you a lower figure on which to make the settlement...!
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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