www.iva.co.uk

Hi, a few questions ,
Sorry if it’s a repeat but I’ve tried to find the answers.
My partners credit score is good, (nothing to do with the iva apart
From living with me)
Would she be able to get a loan to pay off my Iva? If the money was gifted on condition’s?
If yes, I originally paid £250 pm, I’ve got 28 payments left but my contributions have increased to £373 so roughly 10k after 28 payments.
Should I offer 28 x 250 = 7000
Or 28 x 373 = 10,444

Thanks for your help

The offer should be based on your current payment rate, so 28 x 373 (Plus another 12 payments, if you are a homeowner, in lieu of equity release).

In theory it should be OK for the offer to be funded by a loan your partner takes out, although a few creditors seem to object to funding offers with borrowed monies on principle. However, this loan should be unconditional, apart from the fact that it is only available for the purposes of a F&F offer and, if the offer is rejected, will be retained by the donor and no longer be available to you. As far as the creditors are concerned, this should be a 'gift' to you with no strings attached. If you, in the fullness of time, feel inclined to repay the generous offer AFTER the IVA has been fully concluded that is a matter between you, your conscience, and the donor and of no concern to your creditors.

Thanks foggy for the information. It’s really put me at ease. The Iva was working out well for me but it’s now stopping with work.

Would I need to tell them that she is my partner? And if I said 9k what do you think the changes of that getting approved would be?

£9k would certainly be worth a try, although some IPs prefer the full amount these days --- they are becoming less flexible as, I surmise, the fee they get is directly link, in many cases, to the monies paid across !

I would just describe the donor as a friend -- however, your IP will require proof of identity and source of the funds for money laundering regs.

Hi, sorry for the messages again. I’ve been looking at the templates on this website. Would Letter 6 be the correct one to use?

Letter 6 – Offer of a full and final settlement during an IVA
This letter would be sent directly to the insolvency practitioner supervising the IVA, NOT the creditors directly.

Dear Sir/Madam
Re: (provide IVA reference number)
We are writing regarding the above IVA that you are supervising and wanted to explore the possibility of finishing the IVA early with a lump sum settlement.
Enter a paragraph explaining the reasons for this request; this may include personal circumstances or difficulty paying the monthly IVA payments.
A sum of £.......... can be raised via a third party, (give details of third party and their relationship to you) and this is being offered as a payment in full and final settlement of the debts in the IVA.
This offer is made on the clear understanding that, if accepted, all the debts would be settled in full and we would be released from any liability.
We would be grateful if you would confirm whether this is possible and how we move this forwards.
We look forward to hearing from you soon.
Yours faithfully
name
Encs:
List any additional documents enclosed
e.g. financial statement, medical certificate etc

Change the "we are" to "I am" ......

Good luck with your offer and hope it is approved. As foggy says describe the offer from a friend ....not a partner