www.iva.co.uk

my inlaws are offering to help us make an offer. We have paid 1 year at £576. Payments are to increase to £705. I am not sleeping and my husband suffers from depression - he is afraid to see the doctor because they will put him off work on the sick and we won't be able to meet payments (how we got into this situation in the first place) Anyway, they have offered £20,000 only if we use it to pay off the iva. Not available otherwise. Do you think this will be accepted.

Hi

The problem that you may have is that creditors are expecting a further 48 months at £705, so in the region of 35k. However if your husbands health is suffering then I think it is important that this is put forward with the support of your Insolvency Practitioner.

Good luck and let us know how you get on

Regards

If your disposable income would be affected by your husband's illness, then the lower offer may be acceptable, but your IP will need evidence to support this in order to recommend same to creditors.

original debt was set at 33k have paid 10 (including ppi refund) really stressed over whole thing and hope that by coming to some conclusion, my husband will be able to manage his depression better.

Hi

Well worth putting that offer forward, I hope it is accepted.

Contact your IP and put your offer forward with all your concerns

Regards

thanks, will get on the phone tomorrow.

Hi dawnhume and welcome to the forum,£20,000 is a large chunk of money,and in my opinion your creditors would be mad not to accept it.There is no guarantee that these funds would be available again in the future,like already mentioned you will need your IP,s support and advice on how to propose the offer.Good Luck.

Hi Dawn - as Andy has said well worth putting it forward. When I offered a lump sum to end our IVA's I sent medical evidence to my IP just in case they needed to prove my illness. So the more you can send the better.

just spoke to IP. says she wouldn't go lower than £27,000. we think they will stretch to this. Do you think this will be accepted.

It is not her variation but yours. You put forward the offer and if she does not like it she does not have to recommend it but she does have to put it to creditors.

what would you recommend

You advise the IP that there is only £20k available and that you want the variation proposed. You do not have £27k so the IP should put forward what is on the table for creditors to decide. It is not for her to tell your parents how much they have to give you.

originally they were looking at 29p. This gives them 32p. However, IP said that because payments were going to go up they would look at what they could possibly recoup and this is what they would be looking at.
34k is what they could recoup.

If £20,000 is the maximum you can borrow, then Michael is right that your IP has a duty to put this forward as it is your right to propose a variation. Just make sure that is your best offer, as she is unlikely to be too pleased if you decide to go higher in the event that the offer is ultimately rejected.