www.iva.co.uk

I am currently in the 26 month of my iva and am struggling with the payments every month. I pay around £490 out of £1246 every month to my supervisor but am really struggling to balance this every month. Job insecurity and the fact that I don’t forsee any payrise for the next few years has made me think I should borrow money from my parents and make them an offer to end my iva earlier.

I was thinking of offering them £9000 to end my iva earlier. Do you think they will accept this or should I continue with my iva as normal. I am having such a tough time making ends meet that I’m worried I will go behind with my payments and they’ll bankrupt me sooner or later.

Please advise as this is worrying me on a daily basis very much.

Thanks for all your help.

It certainly seems like worth putting forward as creditors get the money earlier and the IVA is longer at risk. If there is no property or no equity to release the likelihood of acceptance would probably increase further.