www.iva.co.uk

Hi,

I have just paid my last payment into my IVA, however, due to being unable to re-mortage I like so many on here look foward to another yr of payments to my IVA. Nothing new here, however I contacted my IP firm to see if it would be acceptable to do an early settlement. Of course I have no money or savings but my parents have offered to put up the money to offer to my creditors, I would then repay them.

My IP is requiring a letter from my parents stating that this is what they intend to do, this is where my problems start, my parents have offered the money, but wont write the letter, they are quite adamant about this, they do not wont anything to do with putting their names and address to anything. They are very private people who wish to stay out of this. There reasons are that they wish our aggreement to be private, too many firms,organisations, governments know too much about peoples private situations and they look at this letter as another intrusion into peoples private lives.

I would welcome some thoughts and opinions as to the way forward. Thank you

It is not unreasonable for your IP to want confirmation from your parents - if they are not prepared to do this then perhaps the only alternative is for them to send the money to the IP for them to hold it to their trust pending your offer being accepted. It is possible that this may not need creditor approval, as if your IVA is governed by the terms of the IVA Protocol, then a lump sum in lieu of ongoing contributions is already provided for. Check the terms of your IVA proposal to be sure.

Thank you for your reply.

If the money was sent to my IP as f&f and the creditors did not accept my offer, what would happen then?

There is also another small problem, while they have offered the money,the amount being £1770 it will take them until August to get this money together, they are both in their 80's so money is tight. I did not really want to involve them from the 1st place but they are my one and only option. If I stayed in for another 12 months the total payment would be £3000.

I am very concerned as while I can afford the £250 per month at the moment, work is not looking good, and I am concerned about getting past the winter months with the increased utility bills we are all being forced to pay. If the autumn/winter is the same as last yr then I can for see major problems being able to pay this amount. I have discussed this with the woman who works in my IP office, but she cant remember the conversation. It is either provide the letter or continue for another 12 months as I am.

Would I be able to go back to them at a later date and still offer f&f settlement?