www.iva.co.uk

Hi All
Looking for some reassurance! I started my IVA almost 2 years ago and originally was paying £109pm. I was promoted in January this year and monthly payments have increased to £171. I have recently found out I am expecting my 3rd child and so my mother has offered to gift £8500 as full and final settlement. The Remaining monthly payments plus extra 12 months due to there being equity in our property would amount to just under £9k so my offer is slightly less than that.
Freeman Jones have sent the proposal to creditors and meeting is in 3 weeks. The proposal states they will be getting a return of 20p to the pound with this offer as opposed to 9p to the pound they originally agreed to.

My concern is that the proposal states that I have £14k share of equity in our joint owned property (the IVA is in my name only not my husband). Are the creditors likely to hold out for this instead of accepting my offer?

Any advice would be really appreciated

Having the equity and being able to release it are entirely different matters. But you have already calculated in a potential extension in mitigation. Your offer is a very good one and will also be saving them quite a chunk in admin fees, currently spent on dealing with dividend payments. Also take into account that your payments will probably be reduced again on the birth of the new baby, so the bird in the hand is definitely worth more that the bird in the bush.