I am moving back into my owned house (which has no equity) due to family reasons and this will reduce my ability to pay iva from 316 to 240 per month. outstanding is 16k and only 9mths into iva. family want to help by making an offer of 11k but ip reccomend 12k. my family have a limit of 10k but will find 11k, but cant find 12k. this has become quite stressful in trying to complete iva and move on. Any advice on what we can do?
Hi Scott,
If £11k is the max your family can rasie then your IP is duty bound to put that forward and hopefully will do everything can to put a strong case for you. If its not accepted could you carry on but extend the term?
Regards,
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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
How many times will we hear of insolvency firms being asked to put forward a F&F only for the client to be told its not enough creditors wont accept that,go find some more???
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi Scott why not offer 2 monthly payments on top of the lump sum,put it in writing by the time the offer is accepted you will have made the 2 payments.
As "MRBLUESKY" suggested this should be possible if the offer is declined, your IP/Creditors may also accept to vary your IVA if the 11k cannot be permitted as a full and final but a part settlement to adjust your IVA term/payments.
But looking at fees and your estimated debt level upon starting the IVA your proposal is generous. Best of luck.
Last edited by DebtlineUK on Sat Dec 17, 2011 6:20 pm, edited 1 time in total.
By the time the report has been drafted and the meeting called you will probably have paid a further £480 into the IVA in any case, so I am sure an offer of £11k will be acceptable.
thank you for all advice. IP has said will put forward offer of 11k with 2 payments which will be made between now and creditors meeting. fingers crossed..........
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
