www.iva.co.uk

My wages have decreased to the point that I am concerned about keeping my IVA payments going, I also suffer from high blood pressure and the stress is definately affecting my health, because of this my family can raise a certain amount of funds to offer as a full and final settlement.

Please can you let me know does it cost anything to call the creditors meeting to make the offer.

The problem being is they cannot raise the full amount expected from my 5 years IVA payments, it would be £2000 shortfall. Do you think in this current climate this would be accepted or do I need to discuss this further with my family.

Does the IP need to know if the family require payment back and any terms? or if this is not required to be paid back to the family, would this cause any difficulties.

The IP knows that our earnings where at a shortfall at our annual review.

Any advice would be appreciated, before I speak to my IP.

Many thanks.

Hi Gill,

I believe that fees for a creditors meeting are taken from the amount that you will be offering, you don't have to make any payment on top.

I think that your creditors would be happy with that amount, but that is something you will have to check with your IP. I'm not sure whether or not you have to tell them about any payments you have to make to your relatives.

One of the professionals will be along shortly to give you further advice.

That would depend upon the terms of the proposals - you should check to see whether you are required to pay the variation fee if the variation is at your request - but it can always come out of the lump sum in any case.

I am sure that the offer you are suggesting will be reasonable from a creditor perspective.