www.iva.co.uk

Hi
I have been in an IVA with Accuma since september 06
I am on a 4 year IVA and i have had to move house
Before i was renting with a partner so all the bills was shared and now im on my own so i cannot afford the full IVA costs
I have filled in a change in expenditure form and sent it back to them
but i dont think it will be accepted as i can only afford to pay less than half of what i was. I dont own a home or have anything worth any money
Now a friend has offered to pay £7500 to pay off the debt
How does this work
If the IVA had run its course then i would have paid a total of £16,656 (roughly)
I have currently paid £6593 leaving £10,063
Do you think this is enough to settle the debt or do i need to try and find more?

Any help appreciated

I would contact your IVA company and ask for a F & F amount and then go from there but your figure does not sound to unreasonable considering the circumstances

I have done this and they said it would take about a month but at no point did they ask how much the 3rd party could offer which is whats confused me so im not sure what they are doing thats going to take them a month?!

rayb wrote:

I would contact your IVA company and ask for a F & F amount and then go from there but your figure does not sound to unreasonable considering the circumstances

I am pretty sure they have to arrange a Variation Meeting and get all of the Creditors involved. That is probably why it is taking so long. I have heard stories that sometimes it can take up to 3 months to sort out.

My advice to you is to keep pestering them but also draft up a letter offering them this amount as F & F and go from there. Make sure you send recorded delivery

It is a little on the low side, but if this is genuinely your best offer I would be prepared to put that forward for you if I were your IP.