Hello,
I am almost three years into my iva (11th June) and pay £304 per month. A friend has offered me 5K to see if I can close the iva early.
Does anyone know what my chances of success with this offer are likely to be? the iva is with Grant Thornton.
Thank you for your help.
it all depends on the level of debt, the £/p percentage and if their is any mitigating circumstances to settle early at a low amount such as illness, family problems, career problems aand so on.
We need to know how much your debts were as to whether or not this would be acceptable.
I believe that you would need to pay as close to the original dividend as possible, and you would need to state why you wanted to do a full and final.
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
Hello
Thank you all for your replies. I sent an email to Grant Thorton, explaining that my employment is under threat of redundancy and I have a friend who would lend me £5500 to finish the iva early.
Their reply has not been very supportive.
They said that that I could offer to settle but whilst I was employed the creditors would expect monthly payments.
They didnt comment on whether the offer would be acceptable or respond to my question about procedure with F&F settlements.
Do they have to process an offer from me? can I insist that they send this offer to the creditors
The original debt was 38K, I have paid almost 3 years of £304 per month.
Any help would be appreciated.
Thanks again
Best regards
Dawn
You can insist that they put the offer forward, but you would be very wise to listen to their advice. Personally I agree with them with regards to your payments continuing whilst you are in employment - and then making the offer if you do eventually lose your job.
