www.iva.co.uk

Hi thanks for reading. I'm writing this post on behalf of my partner , I'll admit I know nothing about IVAs and the iVA was made approximately 3.5 years ago.

I'm not sure what the numbers mean but my partner was originally with aperture and she has since received a letter from Jarvis indicating that they have taken over.

My partner has never missed a payment on this but after a phone call which I wasn't present for with Jarvis she is very upset with how the call went. So my question is this

My partner seems to remember that the amount agreed for her to repay was approximately £7.5 k

Don't have exact numbers to hand we are waiting for some paperwork regarding numbers to come through from Jarvis this week which they where reluctant to do, again I wasn't there for the phone call but I do have the paperwork from aperture which has some breakdown of the details

We estimate she has paid approximately £5k of this off.

Approx 3 weeks ago she called aperture up whilst I was there with regards to paying off the IVA intotal with a personal loan from me. They indicated on the phone that the amount left owing was around £2.4k , she inquired that if a personal loan was issued by me could she pay this off in total and what costs would be involved. They indicated that they would only need proof of my bank statements that I had the money and that I was lending it her and there would be no extras involved and that would be that.....


Then the letter from Jarvis landed followed by the phone call from my partner to them where my partner has stated that this operator she spoke to tried to make it out like she would have to start paying the total debt off again in its entirety......she was not happy.

So my questions are, I plan on ringing them next week and speaking on my partner's behalf but what are the possible implications of Jarvis taking over the IVA? Can they make the debt for the entirety again? Is it possible to pay off this debt with a personal loan from myself? Once it's gone is that it? End of story?

We plan at somepoint to buy a property together once the IVA has gone I know you must wait a specific amount of time before the IVA dissapears from your credit history but what is the likely hood of her getting a mortgage once this has all been paid and cleared? Thanks

During an IVA you always owe the full original ( entire) debt, plus fees and possible statutory interest. Anything unpaid is written off at the end.

As regards 'paying off' the IVA, there are two ways this is usually done:

Settlement --- by paying off the balance of the full debt, plus fees and statutory interest. And ...
Full and Final offer --- which is based on the remaining payments (and usually far cheaper!).

Make sure that you and Jarvis are talking about the same thing.

Some creditors do not, as a matter of policy, agree to lumps sums which are lent and it is usual to tell them that the lump sum is a gift ( but only for the purposes of a full and final and the money will not be given if the offer is rejected). Of course, if the recipient of the 'gift' decides to repay it after the IVA is over, that is of no concern to anyone.

Mortgages, once the dust is settled, usually 6 years after the start of the IVA (assuming happy completion) are entirely possible.

Hi thanks very much for the reply.

I'll speak to them this week and see if we can discuss a full and final offer. Should this be done in writing? Or there any templates available? I shall word it as a gift to my partner and that the money is only available as a gift to her if the full and final offer is accepted.

Are there any extra charges likely to be added by this approach? And are there likely any problems that could arise for it changing from aperture to Jarvis?

Again very much appreciated the help so for, thank you

I arranged my F&F over the phone, but there is a short template here: https://www.iva.co.uk/letter6-f-and-f-offer-during-iva

A F&F will need a variation meeting of creditors and this does add some £300 - £500 to the fees. In most cases this is not an issue and is absorbed in the general accounting, but one firm (Creditfix) asks that this be paid direct by the debtor and added to the offer. Hopefully Jarvis will do as the majority do and it will not even figure.

Ok thank you is it worth offering say £2k to clear the remaining approx £2.4k on the IVA F&F? And worse case scenario they add £300 to £500 fee on top bringing it up to the kind of original amount owing? Sorry for the questions I have been reading the forums today.

Thank in advance

F&F offers are often rounded down to reflect the time and admin savings, but will depend on the size of the original 'hit' taken by creditors in the first place as well. But, I would hazard that an offer of £2k against outstanding payments of £2.4k would be looked at seriously ( although these things are notoriously difficult to predict ).