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Posted: Mon Aug 03, 2015 3:06 pm
by madwales
Hello, it's been a while since I've been on here. Just a quick question and some advice.
My friend wants to settle his IVA early. If he wanted to offer a full and final settlement figure would the IVA company be prepared for his relative to offer this as a gift and make the payment to the IVA company by credit card? Any info much appreciated.
Posted: Mon Aug 03, 2015 3:08 pm
by lifenoteasy
From what I have seen stated this is fairly routine.
Posted: Mon Aug 03, 2015 3:10 pm
by madwales
Thanks for that. Has anyone actually done it this way?
Posted: Mon Aug 03, 2015 3:21 pm
by lifenoteasy
Yes - one of the IP's who contribute to the board has said that it occurs within his company.
Posted: Mon Aug 03, 2015 3:23 pm
by madwales
Great thanks for that.
Posted: Mon Aug 03, 2015 4:26 pm
by kallis3
Don't think there will be a problem with that.
Posted: Mon Aug 03, 2015 4:57 pm
by madwales
Thanks Jan.
Posted: Mon Aug 03, 2015 5:48 pm
by Foggy
As said above, yes, this is permissible, but make sure that the offer makes it clear that this sum is only for the purposes of a F&F. If the offer is rejected the third party will not draw down the loan and the money will not be available to you or the IVA.
Posted: Mon Aug 03, 2015 5:51 pm
by madwales
Thanks Foggy.