www.iva.co.uk

I have been in an IVA for almost a year now, no missed/late payments everything going OK. My IVA will end when I re-mortgage or sell my house in my 4th year. The IVA is still a weight around my neck though and causes me a lot of stress, I may be qable to get three or four relatives to come up with some cash to offer a full and final payment, my original debts were for around £66k and i have been paying £235/Month into my IVA. Anyone able to make an educated guess as to how much I would need to rid myself of the IVA? I would be much obliged to anyone who could share their experiences of this or a similar situation, good or bad.

Hi, and welcome to the forum.

I'm not sure how much would be a good offer, but I'll bump this post back up so that one of the professional experts can see it and advise you.

Thanks for that Jan

Al

Impossible to tell from the information that you have provided, and much better coming from your own IP who has the facts to hand. Get them to provide you with a settlement figure based upon you returning the original dividend pledged.

How much do you feel your relatives may be able to afford to repay?

Thanks Melanie. If my initial dividend was say 40p in the pound is it likely a proposal of 25p or 33p (or less) would be accepted to finish the iva four years early? Has anyone done this? If so what was your final figure?

I would not have thought so, if you are able to maintain your IVA payments. Why would creditors want to accept such a reduced return when you are not in default of anything. It may be possible to offer a slight reduction, on the basis that you are giving them the money early, but I think the figures you are quoting are too low to be taken seriously.

Thanks Melanie. I never mentioned that my partner has been made redundant in the last year (last June) and has now ran out of redundancy money so is not able to contribute what she did before to the household expenditure, she has no job and even if she got one it would be at far less salary than she got previously. I am therefore going to struggle to make ends meet from now on, surely if there is a possibility I may default they will take an early settlement at a reduced rate?

Is your IP aware of your partners redundancy? It may be that whilst she searches for another job (and any income is better than none), that you can take a payment break, or get them to reduce the payments?

You can run it by your IP as to what they would take in settlement. It wouldn't hurt and you would know where you stand.

Yes - that is good enough reason to offer a lower settlement. Make sure that your IP fully explains the reasons for the offer, and I hope she finds suitable employment soon.

Thanks Melanie, I will seek the opinion of my IVA supervisor (Mr Mond) as I really don't want to default or go BR, I also need to know how much I need to ask my family for (at least ball park) as that is obviously the first question they will ask, I am hoping two or three will chip in to get to me the required figure.

Thanks again

Very Best Regards

Al

Hi,Ivafree4al - as I see it there is a possibility of a dividend of around 34p might be acceptable. Please email me with your full name so I can get your file out and advise properly once I know all of the facts of your case.