www.iva.co.uk

I wonder if anyone can help me I started an IVA in August 06 with debts of £47k I pay £400 a month which after 60 months means I need to pay back £24k. In November 2007 I was made redundant I am still getting paid until Feb 08 but then that stops. I have since found out I am pregnant and due to pregnancy complications it is unlikely that I will be able to work until after the baby is born end of June. My parents have offered to loan me £12,000 in full and final settlement of my iva do you think this will be enough? In Jan 08 I will have made 17 payments of £400 totalling £6800.00 plus I had a good bonus and sold a couple of shares I had giving them another £3086.00 on top so if they accept £12,000 they will have had £21,886. Do you think this would be another to get me out? thank you for your time and assistance.

You are still due to make 43 payments of £400 which is £17,200.

Without looking at your proposal I can't say for sure, but I imagine that you would probably have been obliged to hand over the money from the sale of shares and the bonus anyway, in addition to the monthly payments, so what is being offered is £12,000 now in exchange for £17,200 over the remainder of the term of the IVA.

I suspect this is just a touch low, even bearing in mind the saving in Supervisor's fees from not having to run it to the end of the 5 years. The Supervisor would in any case have to call a meeting of creditors to approve this and of course the cost of that would have to be added to his fees cancelling out some of the saving.

If they can stretch £1,000 more then I think it has a much better chance of getting accepted.

Philip Beck

Licensed Insolvency Practitioner and IVA specialist

Hi
The key here is that you will be unable to work and have no income.If your F+F offer is drafted correctly then i feel that your offer will be accepted
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Thanks for your replies they were much appreciated at this very stressful time.