www.iva.co.uk

Dear all

I am finally getting round to contacting my creditors about a F & F settlement on my IVA. I am in my final year (yippee!), and my partner has agreed to lend me the money to pay it off. I have been told that as a third party he has to send a recent utility bill / some form of ID, and a letter explaining his plans.

One thing that was worrying me is that we live in the same house, and have done since the IVA started. The debt was my personal debt and had nothing to do with him. I realised the other day that any utility bill will have both our names on. Will that cause a problem? I can't see why, but I just wanted to check.

My wages went up recently and I am paying £373.75 a month (it used to be £300). I have 11 months left to pay. I was thinking of offering £4000, as I am pretty sure that would be accepted, but I don't want to offer more than I have to. I just received the accounts for last year and I paid my Supervisor £734.75 from 2009 - 2009. My original debt was £45000 and the total amount of my IVA was £15000 over the five years.

Also, what exactly does my partner need to put in his letter?

Lots of questions! Thank you for your help!

Hi there and welcome to the forum

The fact that you and your partner live together will not affect your ability to propose a full and final settlement.

£4,000 provides your creditors with a very good return, and if you are comforable to pay that amount then go for it. I usually base variation proposals for my clients on returning the level of original dividend pledged, so you could ask your IP to work out a figure for you on that basis.

Thank you Melanie for replying so quickly. Helpful as always! I shall send the letter this week, and let you know what happens.