www.iva.co.uk

Hi,

My wife and I are 36 months through our IVA, we currently pay £715 a month with 24 months remaining (£17,160). Our IP has suggested a F&F settlement figure of £14,000 stands a good chance of being accepted. We don't have a mortgage and are unlikely to be able to increase our contributions within the next 24 months.

My employer has agreed to lend me the money I need to make the offer. I need to provide our creditors with a reason for wanting to settle early though. Apparently just wanting the to be free of the IVA isn't good enough.

Can anyone suggest a more creative reason that's likely to persuade our creditors?

Thank You.

Hi, what a generous employer you have and what a great opportunity to become debt free. Unfortunately, the reason I wouldn't have a clue about as I doubt I'll ever be in a position to be able to offer a F&F but feel that if the honest answer is you want to be debt free then surely it's better than something made up? All the best with your offer. x

the fact that your employer is prepared to lend you the money so you can concentrate on your job is a good enough reason ,just be honest.

As long as you can pay as close to the original dividend as possible then I can't see the problem, especially as you only have a couple of years to go.

Tell them that you want to be free of the stress and concentrate on yourself and your family and that you are highly unlikely to be able to increase any payments.

I believe that if you ask your IP to put forward an offer they have to do so.

I stand to be corrected though.

Thanks for your feedback, I agree that I do have a great employer. I'll just insist that the IP puts forward my original reason then. I'll just expand on it by saying it will reduce my stress levels and allow me to concentrate on my job, myself and my family.

Thank you for your help.

Let us know what happens.

If your employer is looking to promote you or even make you a director, an IVA would be a hindrance to that. We have had employers offer lump sums before for that very reason.

If your IP is prepared to put his/her money where their mouth is in terms of suggesting that is a good offer, you could do no less than get them to try.