www.iva.co.uk

Hi all

I have been reading this forum for a while and I must say it is really good, my question is do you think my bank would give me a small loan to help complete my iva if I offer a f&f ? failing that my partner said she would help by getting a loan just to get the iva finished early as we are expecting a new addition to our little family end of January [:D].

many thanks

Hi and welcome. I doubt that your bank would sanction a loan, especially for this purpose. In any event, obtaining further credit could also be deemed a breach of the IVA.
Your second suggestion of your partner obtaining a small loan is better and more likely to be acceptable. After the IVA has ended you can then divert your payments to this loan to clear it as soon as possible.

Congratulations on the impending arrival

hi foggy

thanks for the reply, thanks for that bit of information. do you think I need a f&f offer accepted before my partner approaches the bank I got 19m x £240pm the overtime I owe which is still sitting in my account which is £3200. do you think an offer of £6500 would be accepted ?

They will, no doubt, want the arrears of overtime cleared before they even consider a meeting, so this shouldn't be factored in. The creditors will then be expecting a further £4560 in regular payments, so the offer should be near this mark (after having paid in the overtime due).

You have kind of shot yourself in the foot, too, by doing so much overtime the creditors could take the view that they are likely to get more than the regular payments due to more overtime in the coming months ( do you see what I mean?).

You would need to get the loan agreed in principle and then only draw down the funds after the offer has been accepted. Make it clear that the monies are solely for the purposes of a full and final only and will not be drawn if the offer is rejected.

I would also suggest chatting this over with your IP before getting too far down the road, as he / she will be more aware of the mood of your particular creditors.

ok thanks for the info my o/t is sort of unavoidable at my work but will talk to ip and the bank would love to get all this over and done with.

many thanks

Hi and welcome. I think your partner obtaining a loan for the purpose of a F&F is most feasible. Like you say you're going to have a chat with your IP and hopefully things will begin to move forward. Congratulations too.