Settlement figure - advice please

[Julie]

Hi, we are just starting the 2nd year of an IVA - will be paying back 56K in total over the 5 and half years. Do you think a settlement of £20k would be accepted????

[MelanieGiles]

I don't think so Julie, but what are the circumstances - are you struggling to make your IVA payments and where would the money come from to effect said early settlement.

[Julie]

Hi Melanie,

My in laws can stump up the cash, as they know the payments are a struggle. We pay £809 a month and its causing me so much stress I'm taking time off work through it.

[MelanieGiles]

Perhaps a better option would be to see if your IP will agree to you reducing your payments to a more affordable level. A lot of people are stuggling to make payments at the moment, and I am sure if you present your IP with another receipts and payments account they will be fairly sympathetic.

[goinggoingwhoopsgone]

Hi

I too am in my second year of my IVA - I asked my IP about 8 months ago how much I owed and she said it was around £41,000. Two Months ago I informed my IP that my wages had decreased significantly due to my pregnancy, as I am no longer able to work any overtime, and that I could no longer afford the full monthly payment to my IVA. I received a call from my IP last week stating that I could be looking at them forcing BR unless I could raise equity from my property. My mortgage lender will not lend me anymore money. I have asked if I am able to sell my property whilst in my IVA to raise funds to settle IVA, However I will need to first pay off my mortgage and secured loan which would leave me around £20,000. They are very slow and not very helpful in answering my questions (Credit fix)

Do you think they will accept £20,000?

[MelanieGiles]

Answered on your other post!