www.iva.co.uk

Hi there i have just entered my 3rd year of my 6 year iva and my parents have offered me a lump sum to come out of it early ! I pay £190 a month and have 47 months still to go and would owe £8500 under the agreed payback. My father has recently undergone a series of operations and i'm looking at moving back with them which is 125miles from me and giving up my job. What would be likelyhood of a final settlement and what would you suggest? i would rather do this than go bankrupt please help..

Hi lou and welcome.

You should offer as close to your original dividend as possible but you need to speak to your IP and explain your circumstances. You need to tell them as well that this sum is only available for a full and final.

Also tell them that if you can't do this then the only other option is bankruptcy.

What is the amount i should offer my parents have offered me 5k to settle does this sound enough? I have a variation meeting set up for 3rd oct how long does it take to process the proposal??

I don't know what the timescales are for a variation meeting but I'm sure one of our other posters can help there.

Have you mentioned the amount you have to your IP? If so, what have they said?

Have you already made the offer lou if not,what is the variation meeting for.