I wish to make an offer to pay off IVA

[jackie.w]

I have been in an iva since nov 06. Paying £328 per month. I wish to make an offer to pay off because a friend of the family sees how much is stressing me out and may help.

I have a joint mortgage but the iva is in my name solely can they take money out of the equity. At the start these was not enough. I have spoken to any agency who advised me not to talk to my iva supervisor and he would work out what I could offer.

He came back with 19000 which is what i would be paying over 5ys anyway. Is this right

[MelanieGiles]

Hi Jackie and welcome to the forum

Beware anyone who advises you not to discuss anything with your IP. That is exactly what your IP is there to assist with, and anyone advising you to do otherwise is probably doing that for their own reasons and not to help you!

I would suggest that you ask you IP for a settlement figure to see if your friend could raise this sum of money for you.

[jackie.w]

Thank you for replying so quick. If I listed some figures could you please have a look and see what a reasonable offer would be acceptable

Total Creditors £41756
54 Mths @ 328
6 Mths @ 388(Once car payment finishes)
6 Mths @ 388 (In Lieu of Equity

Divedend 32P

Nominees Fees,Supervisor Fees, Irrecoverable Vat
£8942

Total paid to date £6888

Thanks

[Adam Davies]

Hi
Creditors are expecting 13k,plus your IP fees,say 6k as there should be a saving on fees for ending your IVA early.You have paid in approx 6.5k,so between 12 and 13k left to pay
Offer between 12 and 13k,this should return the original dividend to the creditors.
Be sure to state that your offer will only be made if the money is used to conclude your IVA and that your monthly disposible income will be used to repay the third party for the loan
Regards

[MelanieGiles]

Was your property included in your IVA and is there a need to raise equity in either the fourth or finaly year?