Hi I am nearly three years into an iva and things are going from bad to worse . Last year i lost my job but was lucky enough to be redeployed but on a much lower salary
My iva company GT were really god and got my payment halved
we have just had the shocking news that my husband as failed his HGV sight test and so will lose his licience. I ahve never told my parents about the iva but i am sure they will try to help us out rather than us go bankrupt . i have seen that in some cases full and final offers have been accepted by credits. Could you please advise as this to be a certain percentage of what you owe , or the full amount you would still have to pay back into the iva
So sorry to hear your news. Is there no way your husband could get glasses to correct his vision and keep his job?
If not, and your parents are supportive, you can make a full and final offer with their help. You should normally offer as close to your original IVA dividend as possible but you do need to discuss this with GT and let them know of the change is circumstances.
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
from how I understand it, a full and final offer should be about as much as you owe to the IVA, e.g if you have 10 payments of £100 outstanding, then an f&f offer should be about £1000. You may be able to offer slightly less.
Be sure to make it clear that the offer of funds by your parents will be withdrawn if the f&f offer is refused, otherwise your creditors may ask it to be paid in anyway.
What bad luck. Try thinking of this as a chance for your husband to try a new career!
Your IP will be best placed to advise on what your creditors are likely to accept. But as the other have said, payment x payments left is a good guide.
J11k - Welcome to the forum, you are experiencing some bad ;luck at the moment. Do contact me and will happily review your case, offering a F&F could well be an option.
I look forward to hearing from you,
Kind Regards
Karol
