www.iva.co.uk

Hi,

You will see on here that I have been in an IVA for 14 months and paid back £4200. My total debt was £23,500 and I am due to pay back £16,800 over 60 months.

Eversheds has bought most of my debt as below.

Virgin - £5,600
BOS - £8,200
Morgan Stanley - £2,400

The rest was with a couple of other creditors.

IP fees are:

Yr 1 - £2500 + VAT
Yr2-5 - £600 + VAT per year
Variation Meeting (if applicable) - £500 + VAT

A relative is willing to make a donation of £8,000 as full and final settlement....do you reckon this will be enough bearing in mind that Eversheds probably bought my debt on the cheap?

Thanks

It's actually Max Recovery who have bought the debt and not Eversheds who are their solicitors.

A variation might be possible on that figure, I personally feel it is a little low, but I would ask your IP to work out a settlement for you based upon the original dividend offered if there are no reasons why you could not afford to carry on with the repayments for the remainder of the IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Contact your IP and ask them for a full and final settlement figure.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hi Aaron,

Try to work out a settlement figure with your IP i also think its a little low but im sure your IP will advise you in your best interest.

Regards,
Michelle P.

Hi again. Thanks for the replies. My parents are willing to help out up to £10k now providing that I don't take any more debt on and that this IVA full and final settlement will be the end of it. I'm right in believing that one I have a notice of completion that's it and all my debt would be £0. I need to check this so my parents are happy to pay everything off.
I will check with my IP tomorrow.

Thanks

Aaron

If you successfully conclude an IVA, then the balance of your debts is legally written off, so the creditors cannot revert back to you for more money.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp