Oh and Foggy, thanks for your comments. I see what you're saying about being accepted even if very low, but our fear is given the substantial equity, when looking at the situation on balance, aren't they more likely to reject based on the idea that bankruptcy would provide a greater return, forcing sale of the home etc? If there was no property in the mix, I imagine these things are much less stressful!
As Foggy says not all IVA companies are the same. I would recommend speaking to a couple more companies a sits important that you feel comfortable with the company you choose - for example some of the bigger companies don't allow you to speak to your IP.
When I was in my IVA (and IPA when I had to go BR) my Mum and my partner both helped me - Mum would buy me things I needed and my partner paid for a holiday for me.
There are several stages to an IVA -- initially the IP is acting for YOU as the Nominee -- at this stage he is "on your side" within the guidleines they must adhere to. Once the IVA is accepted (and you are bound) they become the Supervisor of the arrangement and their duty is to see fair play but also to maximise the return to the creditors -- bit of a tightrope job, really.
You need to find an IP you can trust, feel comfortable with and will be, let's say, more empathic.
From experience on this forum and elsewhere there is every chance that, if you run into difficulty, you will not be allowed to speak with your IP with the larger IVA factory firms, where you have an IP running 1000's of cases. Whereas in the smaller firms, who are no less efficient, you WILL speak to your IP if you need to -- they run 100's of cases.
Yes, the equity can be a complication, and, again, this needs to be discussed in detail at the outset.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Really important to make the right choice in IP to represent your mum. If i had my time again I would look to talk to Mel's team ..... The level of personal customer service offered is fantastic and the support they offer is second to none.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I am not sure why you feel that you would need to make a contribution towards Mum's IVA. If Mum has disposable income and can make a reasonable offer to her creditors - even if the return is a low one - then I personally would avoid the need for you to make any ongoing contribution from your disposable income.
