we have been in a iva since December last year with a debt of 24k currently paying 200 a month, we are finding it hard with all the restrictions that come with being in a iva and want to move to a bigger house as we have outgrown our house we are in now.
if i was able to ask a family member for a sum of money to end this situation does anybody know what the iva company would accept to end this early?
You would probably need to achieve as close as possible to the original return so I would think £10,000 would clear the IVA. If you are genuinely struggling and the IVA is in danger of failing creditors may accept a lower amount rather than risk getting nothing.
we are just looking to rent another property which we have guarantors for if needed and have a outstanding reference from our current landlord. Our life is suffering cause of this iva and i think the next 4.5 years will affect my wife and children therefore i have asked a family member if they could help out this way i can pay her back the money instead of being in a iva
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
You would probably need to achieve as close as possible to the original return so I would think £10,000 would clear the IVA. If you are genuinely struggling and the IVA is in danger of failing creditors may accept a lower amount rather than risk getting nothing.
Will my IP be able to give me an idea on this figure as hard to say but i would like to pay the least amount possible as the family member giving me the money is not that well off
Would have been better to have presented the IVA as a full and final settlement in the first place, but Michael's guide figures would seem to be reasonable. I assume that the intention is to get a family loan, and use your reduced disposable income to repay this?
I agree with all the above but would just like to add for the benefit of others that read this who are thinking about an IVA, I don't agree that there are 'loads of restrictions' once you are in an IVA, I feel less restricted now than I did when I was struggling with massive debt, naturally by being in an IVA your access to credit is cut off, but I would argue that when you are struggling in debt, especially in the current climate your access to normal methods of credit are significantly restricted anyway and this is no bad thing to help you break the cycle of debt and learn to live within your means.
Of course being in an IVA for 5-6 years is going to affect you in any manner of ways, but personally I would rather be paying back as much as I can in a plan like this than be borrowing money from a family member and then having the emotional rollercoaster of paying a family member back. Having had my brother give me £100 last week to get me through a minor crisis that cropped up a few days before payday left me feeling enormous guilt and shame, much more than being in the IVA. But I guess it's each to their own.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
Would have been better to have presented the IVA as a full and final settlement in the first place, but Michael's guide figures would seem to be reasonable. I assume that the intention is to get a family loan, and use your reduced disposable income to repay this?
Yes i iwsh to borrow 10k from my mum and instead of paying the iva i will pay her instead for the 5 years
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lem
I agree with all the above but would just like to add for the benefit of others that read this who are thinking about an IVA, I don't agree that there are 'loads of restrictions' once you are in an IVA, I feel less restricted now than I did when I was struggling with massive debt, naturally by being in an IVA your access to credit is cut off, but I would argue that when you are struggling in debt, especially in the current climate your access to normal methods of credit are significantly restricted anyway and this is no bad thing to help you break the cycle of debt and learn to live within your means.
Of course being in an IVA for 5-6 years is going to affect you in any manner of ways, but personally I would rather be paying back as much as I can in a plan like this than be borrowing money from a family member and then having the emotional rollercoaster of paying a family member back. Having had my brother give me £100 last week to get me through a minor crisis that cropped up a few days before payday left me feeling enormous guilt and shame, much more than being in the IVA. But I guess it's each to their own.
I understand your points and would love to pay back the full amount and be proud of it,I do not wish to get anymore credit the restriction i mean are my family life for the next 5 years and not being able to move as rent would be more expensive and get out of an area where i do not wish to bring my children up
