www.iva.co.uk

First of all I no this has been asked so many times but just want everyone's opinion so I don't have false hope.
( Sorry for long message)

Right here goes :

IVA FIGURES :

TOTAL DEBT : £8274
PAYMENTS: £92 x60 ( £5520 )
NO PROPERTY IMVOLVED

I made my first payment of £92 on the 4th March 2019.

My question is : I'm going to get £3200 off my parents in December 2019 ( end of this year ) by this time I would of made x11 payments of £92 already ( £1012 )

£5520 - £1012 = £4508

Now the £3200 I get in December as a f&f towards the outstanding £4508 will that be acceptable or will they think I'm taking the p**s abit? Just don't want to get my hopes up for nothing if it's not enough.

THANKS LEE

It's worth a try!

First --DO NOT accept a cash gift of over £3k from your parents ! They must make the f&f payment direct from their own account.

Considering that you are making around the minimum viable monthly payment I imagine that creditors would be pleased to get a lump sum offer. You have a year to save up £300 and make the offer £3,500 .... not a lot in it, but "feels" better than £3,200. You can never tell, but I think it would be looked at seriously.

Okay foggy thank you, so can you explain how I go about the money how do I put the money towards to iva company as a f&f offer when the time comes.

Wed Mar 20, 2019 4:02 pmMxlee8 wrote:

Okay foggy thank you, so can you explain how I go about the money how do I put the money towards to iva company as a f&f offer when the time comes.

You make the F&F offer to your IP stating that the money is from a third party and will only be available for the purposes of the F&F. Your parents will need to present proof of ID as well as proof of the source of the funds ( bank statement showing the money in their account). When the offer is accepted they pay the IP from their account.
If they give the money to you first it will become an asset and will be payable into the IVA, and the IVA will continue until the end.

Okay foggy, if the monies shows in there account as recently payed in will this also be a problem? Or doesnt it matter? They just need to see the statement showing the money there.

Should be ok.

It shouldn't be an issue from the point of view of the IVA -- they just need to see that the money isn't yours. If the IP has doubts about the source he might question further, but I haven't come across this happening before, as far as I can remember.