www.iva.co.uk

After 3 months of my persistent push with my supervisor, my F&F meeting has been arranged on 15th June.
I have just completed 24 months of my contribution, however I am 3 months pregnant right now and there was a restructure in my work place as a result I have been asked to work less hours. In addition, we have filed our divorce recently (a long story [:(] ) My aunt has kindly offered some money to me to settle the IVA. My monthly contribution is GBP510 currently which I struggle to meet; total is GBP30,600 (60months, 80p in a pound). Outstanding is GBP18,360. I have offered a lump sum of GBP11,000 due to the above circumstances, and this is really the maximum my aunt would lend me. I would like to know what I should do if my F&F offered is rejected.[:(][:(] Thank you for your advice in advance!

This appears to be a very generous offer and creditors should seize the money. However, it may be overgenerous and if you are pregnant, going for a divorce and have uncertain working conditions the money may be better with you and your child. If there is no property involved or there is little equity I would think that a lower offer would be more suitable as it would still give creditors much more than bankruptcy but also give you a little bit of time to get back on your feet.

Thank you Michael for your quick reply. We have no property as I am renting at the moment. Would I still be able to lower the offer since I have proposed this already?

If the offer has gone to creditors it may be possible to withdraw and resubmit or have creditors agree at the time of the meeting. Given that your situation has drastically changed since the original offer was made I see no reason why it would be rejected. Ultimately, you could petition for bankruptcy for just over £500 and use the funds that you can borrow from your aunt for other purposes. Speak to your IP and tell him/her of all the changes and that you wish to reduce the offer by half. The rest will give you a safety net and buy items for the birth of your child. My wife had a baby 6 weeks ago and trust me it is not cheap and every penny you can save will be well used.

Have a full discussion with your Supervisor(IP) and put to him/her Michaels suggestions which are fine and see what alternatives or changes you could do.

Let us know how you get on.

Thank you for both of you! I will speak to my supervisor within the next day or two and will update you how it goes.

Good luck!

Best of luck from me too and I look forward to hearing how you get on.

An update here, I received a reply for my supervisor's assistant on Friday –

I have reviewed this with your supervisor xx, and much as we appreciate your concerns we cannot withdraw the offer made to creditors. The variation proposals were sent to your creditors the same day you received yours.

I am afraid we cannot be of further assistance with regards to this situation.

I really do not know what I should do now... [V][:(]

Rubbish - they can change the offer at the meeting if they want to. Try speaking to your Supervisor directly and not an assistant.

Which firm are you with?

Thank you Melanie.
I am with Grosvenor Partners. (www.grosvenor-partners.co.uk). I never can get hold of my supervisor and had always been referred to his assistant.
I am so gutted that they are not willing to help.

I know the IP there very well. Would you like me to have a word with him?

Hi Melanie
I will be so thankful if you can...This would mean a lot to me during such a difficult period in my life....

Could you e-mail me with your name so that I can make the call for you. My e-mail details are on my expert profile to the left of this page.