Weve had to start paying childcare due to poorly grandparents weve been lucky so long not having to pay this however ive moved to a lower paid job aswlel due to restructures
Our total incomings including benefits for help will be 2700
oyutgoings will be about 2650 not including iva payment, its getting hard to manage getting the money i dont want to extend due to it finishing next september
what are my options i have 150 x 17 months = 2550 my ma has offered a 1000 to pay would that be a enough? i had the iva before i had a partner and 2 kids
Hi. I doubt £1000 would be enough at the moment. What I would suggest is to have a review of your I&E carried out with a view to reducing your payments going forward. Once you have a lower figure agreed you can revisit the F&F question, having a lower amount to match against.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If you have no surplus income any more creditors may accept what has been paid to date as full and final settlement. The £1,000 from your mum may be a good sweetener so I think a new I&E is appropriate. This could help creditors sway towards accepting the offer rather than having a potential IVA failure.
Options, without extending the arrangement are to reduce the agreed monthly payment, then to either carry on at that level or offer a F&F based on the new payment amount.
Or, as you have a good payment and compliance history (presumably) you could try the offer of £1000 as a F&F offer on the basis that the IVA is becoming unaffordable. However, the creditors could fail the agreement, rather than accept the F&F -- not likely, but the possibility has to be considered.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi all just a update my Iva company has said I can no longer afford my payments and asked for an meeting to end Iva on what's been paid in so far only have a year left really well 16 months my Mam has offered a 1000 cash to the meeting shall I let them know or let the Iva company deal with it?
If the IP firm is happy to try and close the file down with what has been paid to date there may be no need to offer your mother's money. However it would be a sweetener and improve the chances of acceptance so up to you really.
