I have a proposalfor IVa debt about 113000.00 I have an joint endowment policy 24000- agreed to pay £369.00 month for about 75 months for IVA. Do you have to declare the pension. How is going to affect the monthly payment.
Is it better to go for last and final settlement and how much to offer.
You need to declare all your finances to you IP so they can give you the best advice. In addition, failure to disclose anything which could improve the creditor dividend could lead to the iva failing.
You will need to declare your endowment policy as it is an asset and you are obliged to make a full and honest declaration of your financial affairs. Is your IP aware of the existence of this asset? Assuming that you can afford to offer £369 per month from your disposable income, how would you intend to fund a full and final settlement?
Thank Melanie for the information. My family members will put up some of the fund and the rest from Joint policy 25k.My proposal of 30k for final settlement instead of IVA for 6 years. Most of my creditors accepted the pro-rota payment. FF is the biding contract like IVA- What will be in the credit file. Victor
On the basis that you currently have a half share in an endowment policy worth £12k, and can afford payments of £370 for 60 months (why are you offering 75 months??) you could pay around £34k in a contributions based IVA. So an offer now of £30k could well be acceptable, and certainly one I would be prepared to put forward had I been instructed.
Thanks for the information. I have 93k equity of my share of the property At the end of the 54, month creditor may want extra fund from re-mortgage the property. To avoid the another 12 months extended. For the three months to pay the tax liabilities about £900.00 Disposable income based on the forecast turnover which over estimated to compared to 2009 and 2010 by 10k. This will reduce disposable income. It was suggested bankruptcy is 36pence in a £ compared to IVA 32pence in a pound.Please advise and any suggestion will be greatly appreciated.
Thanks for the information. I have 93k equity of my share of the property At the end of the 54, month creditor may want extra fund from re-mortgage the property. To avoid the another 12 months extended. For the three months to pay the tax liabilities about £900.00 Disposable income based on the forecast turnover which over estimated to compared to 2009 and 2010 by 10k. This will reduce disposable income. It was suggested bankruptcy is 36pence in a £ compared to IVA 32pence in a pound.Please advise and any suggestion will be greatly appreciated.
If you are showing that there would be a higher return under bankruptcy proceedings than in the IVA, I cannot see creditors accepting the IVA - although I am finding some of the facts you are recounting confusing.
Hi
If you have 90k plus of equity available it is hard to see creditors accepting a full and final payment of 30k ?.
Have you spoken to an IVA company about this ?
Regards
