I am on IVA and its going to be 37 month this month.My total debt £28,000.Total duration of my IVA is 72 month. So far so good i never missed any payment during my 37 payment. My IVA payment paid by my friend support since i started my IVA.My IVA company all ready know it. Recently my friend want to move another country thats mean i will loose her support. She offered me now lum sum amount £2000 for my IVA full and final settlement.My friend money only available if my IVA full and final settlement accept.I wrote letter to my IVA company for arrange varriation meeting but still no response from him (IP staff) also i spoke with my IP staff and he confirmed me he received it and he will review my IVA later this week. If my offer not accept by my creditors than i heve no option to pay because i have no support plus i have no permission for work due for my immigration application. I will total pay £7200 (100*72)if i stay on 6 years duration but due for my circumstance change and i offered £2000 thats mean i giving them back (£3700+£2000)=£5700 which is less than £1500 from total £7200. Is this offer acceptable?
Last edited by roous27 on Wed Mar 02, 2016 4:43 pm, edited 1 time in total.
Just wondering why your friend has paid your IVA since the start? I would have thought another solution could have been better.
If you have no assets, did they explain why it was 72 months?
How much were your total debts? Which company are you with?
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
I think you need to speak to Cleardebt about this - personally I would have thought that either bankruptcy or a debt relief order would have been better for you.
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
Please check my original post
Recently my friend want to move another country thats mean i will loose her support. She offered me lum sum amount £2000 for my IVA full and final settlement.My friend money only available if my offer accepted by full and final IVA settlement.I wrote letter to my IVA company for arrange varriation meeting but still no response from him (IP staff) also i spoke with my IP staff and he confirmed me he received it and he will review my IVA later this week. If my offer not accept by my creditors than i heve no option to pay because i have no support plus i have no permission for work due for my immigration application. I will total pay £7200 (100*72)if i stay on 6 years but due for my circumstance change and i offered £2000 thats mean i giving them back (£3700+£2000)=£5700 which is less than £1500 from £7200. Is this offer £2000 acceptable?
Sorry, I did read your original post but do think you are now going to have problems and you need to speak to your IP and hopefully they will help you out.
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
I too read your original post and do not understand why your friend is paying for your iva?
If you have no income due to work issues, you dont have a disposable income to warrant having an iva in the first place.
You need to speak to the iva company about this situation.
To answer your quesiton - ultimately it will be up to creditors to decide whether they will accept the variaiton.
Given the alternative is to potentially make you bankrupt and it sounds like you have no assets to realise (and the costs are much higher too) so probably no dividend in BKY so they can have £2k or nothing...
Do you have any property? Do you know why your IVA was for 72 months? Without property the standard length is 60 months.
No I have no property. so far so good i know My IVA term 12 month extended by my creditors. I am going to be paid this month 37 payment that mean £3700. I also offer this month lum sum amount £2000 for early settlement my IVA due for my circumstance changed. If they accept my F & F then all together they getting (£3700+£2000)=£5700 which mean i giving them (£7200-£5700)=£1500 less than from total payment £7200.
Do my creditors still consider me bankcrupt?
Thank you Lisa Thomas. I have sent email plus letter by post to my IP for arrange variation meeting but still I have not receive any response from him.Also I called him and he confirmed me he received my email.He told me he will review my case later this week with his supervisor than he will let me know about this offer.
Also please note its not for him to decide - he has to call a variation meeting of creditors to vote on it unless he is able to use his discretion within the terms of your IVA.
Thank you Lisa Thomas. Lisa can I send to my IP ; offer confirmation letter from friend and her bank statement as for confirmation of offer balance available (£2000) in to her account , also any proof of her identity? or just I need to be wait for my IP response?
