Variation meeting looming and F&F

[robolots]

Hi all,

Just over halfway through my IVA, paying back around 20K of 50K debt.
Just lost my job halfway through IVA, got no assets and live in rented accomodation. Our outgoings were not meeting our incommings anyway and the IP has given us a 2 month break as we have no real income coming in from next month. Got no chance of getting similar paid job anyway, so no money for creditors (not that there was anyway!)
I requested how much I have paid to date etc and how much would be paid to end of IVA if current payments were maintained. We have around £10250 to pay to end of IVA.
My wife's gran has offered us around £4500 for a F&F. This would technically leave around just over 5K short of the amount expected to be paid. Does anyone have any advice on how to best put this as I can't bear to go on like this anyway? I just want to put it all behind me and be able to move on. I don't want to go bankrupt but I see I have two options-bankruptcy or F&F???

Any advice appreciated

[MelanieGiles]

Hi there and welcome to the forum

If this is the best offer you can make, then I think that creditrors would be wise to give it serious consideration. Did you receive any redundancy money when you lost your job? And do you have any assets which would be at risk from creditors under bankruptcy proceedings?

[Shining]

Welcome to the forum and all the best with your offer x