I have just offered a full and final settlement but the money is coming from the sale of a property that i had with my ex wife that was excluded from the IVA as the property was part of a court order and i was not expecting any monies for seven years when my youngest child turned eighteen. We have been struggling to pay the IVA and my partner has increased her debt as a result of this. My mortgage is increasing in May next year by £400 and this will wipe out my disposalable income. I have offered £28000 and the IVA was agreed at £24800. I have told the company i am with that if this is not accepted i will have to go bankrupt. Having been through my income and expenditure i was told that due to the increase in my partners debt they may not except this and it might be treated as a windfall. Are my creditors likely to push me into bankrupcy as i thought they are likely to get less return and the allowances are more generous in bankrupcy? I told my IVA company that my mortgage was interest only and was likely to go up but was told dont worry about it when the time comes we will review your income and expenditure. I will have no choice but to go bankrupt there is no equity in my current property either. Also if pushed into bankrupcy what would happen if i used the money to pay off my partners debt before i declared myself bankrupt?
Not sure about this one, but hopefully one of the experts will be along later to advise.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
based on the numbers this looks like a exceptional offer,whether it meets the criteria of your iva terms and conditions ,like jan i,m not sure.good luck with the offer,and the experts will follow this up.
As regards the last part of your post Hawk, I think that it would not be looked on kindly if you were seen to favour one creditor over another and you may end up with a BRO.
As regards the allowances, I believe that these are due to tighten up in the New Year and be more in line with those in an IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I was not due to receive any monies from the property until my youngest child reached 18 years of age and was not expecting for the property to be sold until then. This is part of a court order. It only states in my IVA that i should not knowingly dispose of my equitable interest in the property without first contacting my IP.
