www.iva.co.uk

Hi I was wondering what information would be required if I was to offer a settlement figure 2 years early

Probably the amount of payments you need to make. Do you have an equity release clause? That might be taken into account.

Where would the money be coming from? You would need to let your IP know that this is only available for a full and final and whoever is going to supply this will have to give details to the IP (money laundering).

The money would come from a friend and would only be available for a F&F, I
rent our house so no issues there, this is 24 more payments to be made with a total of £16,824 to be paid, do you think I would stand a chance of them accepting
£14,000, thanks for your reply btw

They may well do - hopefully one of the experts will be along to clarify.

Sounds like an excellent offer and I sure creditors would seize it. Your IP will be used to these type of offers and should have a variation proposal put together in days.

Thank you Michael for your reply, on another note does a Income & Expenditure report have to be done every year? As for the 2nd time it has not been done, but
this has been marked up on the annual report to the creditors as saying not been done, if that makes sense!

It should be done every year otherwise you could be in breach. Occasionally we have not got a new I&E done in time for the annual review but we highlight to creditors and advise them it will be done as quickly as possible.

Without a new I&E it is impossible to ensure that the correct payments are being made. The proposals usually states a new one is done each year and any payments of overtime, commission, bonuses etc adjusted at this time.

And what happens if it is the IVA company sending out the annual report stating that a review has not been done and knowing they have not sent out the documentation?

Hi

The offer seems very good and I would expect that it will be accepted

Strange that an annual review has not been done, you would expect creditors to insist on this

Regards

The IP has an obligation to do the review otherwise I would hope it is picked up by the regulators. Creditors probably do not read the annual reports anyway but that is not justification for not doing your job.

Thats what i thought i just hope my IVA won't fail because there are not doing one
another reason why i am looking at F&F

It won't fail if the offer is refused - the IVA will continue as it was.

Thanks Kallis3 but i was referring to the fact that the IP has not done a review for 2 years now

Apologies, I misread the post. Get onto them and tell them they need to do a review.

Yes that's a great offer and creditors would be stupid to refuse it!