www.iva.co.uk

i am currently in an iva with my husband. however my father has now found out and has offered to take out a loan to relieve the pressure on us. will credit companies offer to reduce total amount owed if they receive full payment up front? as this option is not viable if they insist on the full amount(£75K) is this possible?

i would speak to your IP...it is possible to make a F/F offer but may depend on the terms of your IVA....some say a F/F offer cannot be made in the first 1-2 years...some dont.

As for the amount...i aint sure but if you add your IVA monthly payments x the number of months in the IVA left...( 5 years being 60 payments) it might give you an idea of what to offer...???

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

You will only be able to put forward an offer based upon what you originally offered, unless there are specific reasons why you cannot fulful that such as reduced earnings or change of circumstances.

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

no change in circumstances currently however we do struggle as it is and feel we cannot start a family until this is resolved, can't really see myself waiting another 5 years to become a mum. not too sure about equity release clause as we have already allowed an extra 9 months payment at the end of the 5 years to buy out equity from property. if payments continued as they are we would owe another 48,800. IP and admin costs are listed as 9816, what would a reasonable offer be? 40-45K?

finally heard back from GT and they have told me i need to come up with a settlement figure. from what i have read on these forums this does not sound right?

Hi
Yes,there is not a "settlement" figure in an IVA but your offer of 40-45k sounds right.Just state that your father will only lend you this money if it is used to conclude your IVA and that you will use all your disposible income to repay him.I would also state that you want to start a family.
Creditors seem to like F+F settlements as they get their money a lot sooner.
Good luck

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

Finalising the IVA to start a family is a great idea - as you should never put your life on hold for the sake of a few debts. The very best of luck to you, and don't forget to let us know how you get on.

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