www.iva.co.uk

Disscused a IVA with a few practitioners who all came up with the fact we did not have enough dissposible income, and since been put on a DMP but in the last few months one of our parents has come into some money, not enough to pay off our debts but enough to help make a monthly contribution over 5 yrs that would make up our shortfall for IVA. Does anyone know if this can be taken into consideration if we were to try and re-apply.

Many thanks.

If its enough why not try to offer a full and final. How much are the debts and what could the soon to be poorer parents put in(joking btw)?

Our debts are about £80k we got told we need to pay around £400 a month when they ran through our incomes they told us we had around £300 a month so the short fall been £100. My wifes mum has just recieved around £20k so is willing to gives us £100 a month for the next 5yrs, but not all her money that would be just rude of us to ask.

I don't see any reason why you can't do that, I think as long as the payments are made and you haven't taken out any fresh credit, the creditors don't mind.

I would speak to one of the professionals who post on here (if you haven't already done so). You can find their details by clicking on the links on the left hand side of the page. It won't hurt to phone them, and might actually help you.

hi frank, my undersatanding about iva,s are they are flexible if your disposable income is £300 then so be it.i would consider trying a few more iva company,s and explain your circumstances dont give up keep knocking on doors.are you a homeowner or tenant?

Yup I'd be tempted to try another Ip and see if the £300 a month is worth a shot. 5 years is a long time to have someone paying money to you to go towards an IVA,and as someone has said they are based on affordability.

Paul

Hi
I would look to offer the 6k as a lump sum initially, followed by payments of £300. I am sure that this would be acceptable.
Regards

Seems like a good offer to me - and there is no problem if one of your parents wants to continue to support you financially. Five years is a lot better for you than 20+ under the DMP.