www.iva.co.uk

Hi Everyone.

I have been in my IVA for a while now and it has been something I have kept from my parents for reasons I am sure many of us feel (embarassment, shame, failure, let down....the list could go on!) I am now in a position where my parents know about the situation and after a right telling off for not going to them for help in the first place they have now insisted I at least explore the possibility of them helping me to conclude my IVA. I am intending to contact my IP but before burdening them I wanted to see what people and experts think of the proposal before I waste anyones time.

My IVA was for 60 months at £380 per month initially but is now £400 per month. The original dividend was 21p in the £. I have also paid in uplift of £8,400 over and above this.

My parents have some investment maturing in January and by then I will have paid the following: £12,460 plus £9,000 uplift giving a total of £21,460.

In January I will have 28 payments left totalling £10,640.

My parents have £8000 available to offer and whilst this would be £2,640 short of the remaining monthly amounts I will have paid back a total of £29,460 instead of the original £22,800.

Before I bother my IP with this could you guys let me know what you think?

Thanks for your help.

Hi Paul,

You can run it past your IP to see what they say. The amount sounds fine to me.

You need to make sure the IP knows this money is only available for a full and final.

Are there any other reasons why you want to end it early, such as redundancy or illness? That's usually the best reason for doing a full and final.

Thanks for the reply! I have just edited my post because some of the calks were wrong so could you have a scan again?

There is no other reason other than to help me out. They have said I can pay them back at the same rate I am paying currently as well.

I can't see anything different!!!!!!

Give your IP a call and see what they say.

I must have edited it already! Thanks Jan hopefully this is something I can peruse!!

To my mind what's not what to accept, apart from your IP will be less than estatic cos they loose a bit of their fee! A work work collegue of mine who had an IVA made an offer to finish about half way through his IVA which the creditors accepted and it was no F&F by value per say. So yours is a no brainer, leat that is my thought. I paid mine up six months early, a friend helped me out. Simply put my IP firm emailed my friend she confirmed by return that she would provide funds for this purpose and they took payment over the phone. In fact come the crunch day I had paid 48p in the £ set round a 50p minimum which the creditors just waved. (the 2p difference was the amount owed at the proposal aginst that at the creditors meeting, they kindly trumped up about 3k of bogus charges)

On another post I've suggested that an F&F in it's true sense if you meet the current target full agreed dividend with a single payment by whatever means then that's just called finishing early. The question I've put to the experts is that a futher creditor meeting or variation is not required if the above condition is fulfilled? Any takers? err just my thoughts

Unless you have a large amount of equity,that would need to be released through a clause,your offer looks outstanding,I was in a similar position and my offer got accepted %100.Good Luck and let us know how you get on.

Hi all thanks for the replies so far! Have any of the IPs on here got any thoughts?