www.iva.co.uk

Hoping someone can help us, our IVA company have given us a quote of £22k for final settlement. My cousin is trying to raise the cash for us and then we will pay her back. The IVA company are putting forward our offer to the creditors. If she cannot raise the cash we will look at seeing if we can be remortgaging, my question is if the creditors accept it based upon my cousins goodwill and we have to raise the cash will we have to start from scratch and put in another request to say we are raising the money or will the original agreement stand?

Hi
I,m surprised that your IP is proposing a variation without conformation that funds are available.However I doubt your creditors will worry where the funds are coming from once they agree to the figure but it may take you time to remortgage and you willneed to keep your IP informed as they will need to give permission.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi
Yes an IP would usually want a letter from the provider of the funds to say that they are available before making any proposal to creditors and setting up a variation meeting.

Thanks for the responses, they do have a letter to say that they are trying to raise the funds and they seem happy with that.