www.iva.co.uk

can i propose to pay a lump sum at the start of the iva as a full and final settlement.if accepted will i still have bad credit for 5 years. how close to full figure will i have to be

You can do a full and final IVA but unfortunately your credit rating will be affected for 6 years from the date of acceptance.

Yes - these offers are most receptive by creditors, as they get their money back a whole lot earlier than waiting for it to be drip fed over a five year period.

How would you intend to raise the money required?

i have some shares that cover about a third of total debt

robin, could you please tell us who your creditors are and how much you owe to each?

owe about 30000 to spread bet company and about 80000 to various credit cards.. also various amounts to friends and family. was also wondering what level of proof was required for friend and family debts..

I would now contact an Insolvency Practitioner to disuss your options. There are a few that post regularly on the forum, all come highly recommended.

Your friends and family will need to demonstrate the methods by which the lent you the money - bank statements showing withdrawals to match with deposits into your bank account are a good starting point.

i took some advice from a large iva company but guy on phone did not seem very knowledgeable. he said i would not have to declare shares if they could cover debts to friends and family. this did not sound right. also would things like shares and savings be checked for to ensure the person is giving a full picture. how would they do that, trail through all share registers or just rely on honesty?

You need to give full facts and figures supported by bank statements and/or other documentary evidence. Speak to someone who understands as the guy you have contacted is talking rubbish. Visit www.iva.com where there are a selection of firms with reviews that might appeal to you. Good luck.

Who did you speak to Robin?

You need to make an honest declaration of your assets, liabilities, income and expenditure - firstly to your IP and then to your creditors.

The problem with the larger firms is that their front end advisory service can often be manned by inexperienced call-centre staff who may have to refer to a higher level for appropriate advice. You may find it more beneficial to choose a firm where you can have direct access to the IP as an alternative.

Would shares not be treated like endownments and other assets and paid into the IVA at the begining? If they are surely you cant use this as a full and final settlement!!

I think that the poster is suggesting that he sells his shares and uses the money to effect a full and final settlement, Steve. He is not in an IVA at this point in time.

This would be permissible providing that a sensible offer was being made to creditors.

Sorry. I mis read the thread must have been late!!!