www.iva.co.uk

I know others have asked similar before, but I wanted an opinion on my personal circumstances.

I started an IVa in MArch last year. Total was £39500ish, after supervisors fees and VAT (?) the total repayable to creditors was £31242 which I'm paying at £598 a month with a dividend of 48p in the £. I have made 10 payments so far so a total of £5980.

My mum has come into some money, and is offering to give me £30,000 to pay off my IVA early.

Is this a reasonable amount? Obviously its less than the total IVA amount less the contributions made so far, but then I thought this may be acceptable as the total amount includes supervisors fees for the whole term of the IVA.

What are everyone's thoughts?

Hello Andy,

Welcome to the forum.

That sounds like a reasonable offer for a full and final settlement. I suggest you contact your IP as soon as possible to discuss this option.


Kind regards,


Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

Andy hi,

From my experience creditors are very happy to take money now, rather than money later. On the figures you have mentioned, I would think you'd have no trouble getting them to agree to an early settlement.

Kind regards
Brian Baker

Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

I absolutely agree with Brian, and the insolvency practitioner's fees will be reduced as well. Your Supervisor will need to propose a formal variation proposal to creditors at a general meeting, but this is usually a formality.

Good luck - and don't forget to pay your Mum back!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk