www.iva.co.uk

We have just had our 2nd review but my husband & i are separating my IP is aware of the situation.

We are in a joint IVA & we are still living together until we sort out the IVA so we haven't completed seperate income & expendtuire forms

We currently pay £255 pm & have 33 months left on our IVA, i might be able to borrow the money off a family member & we have a bit that we have managed to scrimp together to offer a F&F BUT i know you times the amount paid each month by the outstanding months left so £255 x 33 = £8415.00 So how much should i offer for a F&F ???? i was thinking about £4000

HI. The chances are that, when you physically separate, the individual I&E's will show the IVA's to be unviable and so that offer might be acceptable to the creditors in that situation.

If £4k is the best offer you can make, then give it a try. You will need to emphasise that the current living arrangements are not tolerable long term.

Have a chat with your IP, or case worker, who, hopefully, will be supportive.

I agree with Foggy that your monthly payments are now irrelevant. Creditors are usually sympathetic and accept settlements. You may however need to advise them of any equity and what if anything is to happen with the marital home.

Your ongoing payments at contractual levels may now be irrelevant, but your current disposable income is not - so if you know what your post-separation costings are going to be, I would send individual statements of projected income and expenditure to your IP to justify the level of that offer.

What is the maximum sum you feel you could raise?

Only about £4000 maybe push it to £4500

Then this is the sum you should offer - but make sure you get the other bits and pieces to your IP soonest so that they can put the offer forward.