www.iva.co.uk

Hi there,
I have been in my IVA for two years now and have the opportunity to pay a final settlement with a sum of money from my family. Based on my current payments of £275 per month I would have £5,416.00
left to pay from March 2009 when the money to settle would be available. If I offered this amount of money would this be likely to be accepted or would they want to take this money and keep taking payments for a 100% settlement?
The money offered to me would only be available if it settled the IVA.
Hope this makes sense.
Thanks for your help.

Hi there and welcome to the forum.

I am sure that your settlement offer would be well received by your creditors, as they would be getting the same amount of money, albeit earlier, but you ought to discuss this with your own IP who can give you more specific advice.

Where is the money going to be coming from?

Thanks for the reply.
The money is coming from my mum's savings, but only to pay it for a f&f settlement, otherwise she said she won't do it. Does that make a difference?

That's fine - and the fact that the money is readily available and from a third party ought to secure the creditors acceptance to your settlement offer.

Let us know how this progresses over the next few weeks.

I will do. Going to ring my IP on Monday (if they're there that is) and see what I need to do.
Thanks again for your help.

Make sure that your IP puts into the F&F offer the fact that this has to be accepted by creditors prior to your mum paying up. Good luck - your suggestion is fine and your creditors will accept this.

Thanks very much for the reassuring words guys. I've stopped stressing qute so much about it now [:)] I'll call them on Monday and get the ball rolling.

Happy new year!

Best of luck with it. Please try to let the forum know how you go on xxx

Best of luck from me as well.

Aw thanks guys. It's nice to be able to get advice from people who know what i'm talking about.

I remember a year into my IVA my bank tried to offer me a current account but when they actually tried to action it the computer told them I was Bankrupt! Do banks not know the difference?

No, it seems that they don't as you're not the only person to have had that problem on here. It wasn't Natwest by any chance was it?

Yeah it was Natwest as it happens. I guess i'm just worried that if i attempt to get a mortgage at any point I may be classed as having been bankrupt [:(] I'll cross that bridge when I come to it I guess.

Once 6 years have gone since the IVA approval it will disappear from your credit record anyway, and unless anyone specifically asks if you have done an IVA, you don't have to mention it.

I think they all tend to ask now anyway.
Looks like it'll probably be a joint mortgage when I get around to it, so that might help as his credit file is ideal for a mortgage.

Hey everyone,
Big smile on my face this morning [:D]
Just spoke to my IP re: settlement figure for the IVA and it's over £1000 less than I anticipated (due to supervisors fees being reduced), so have been told to send in a letter from my mum stating the details and they'll get the ball rolling. Paying the IVA off 1 month before anticipated due to the reduced amount, so fingers crossed i'll be debt free on 01/02/2008!
My IP said they'll definately accept the settlement as it's what they would have got at the end of the term, they just get it early.
So unless anything major happens it's smiles all round for the new year [:D] [:D] [:D]
I'll keep you updated as to my progress re: creditors meeting and certificate etc.

Thanks for all your help and Happy New Year!
x