www.iva.co.uk

Hi we entered into our IVA in Aug 07. Total debts 29,919 between 7 creditors.We have missed 4 payments which was aggreed due to maternity leave, im currently paying £296 per month (55%) none of which has gone to the creditors as yet according to latest report from my supervisior(all to there fees). If i was to finally admit to my parents and ask for help could anyone give me a rough idea of a full and final settlement figure. And if accepted would my credit rating start to improve or would i still have to wait the full 6 years for this to happeneven though ive settled. Thanks for your help.

You would normally need to find as close to your original dividend as possible as a full and final as far as I am aware. You would need to let your creditors know that the money was only available for that. One of the experts will be able to give better advice about that.

Unfortunately your credit record will remain bad until the 6 years are up, regardless of the fact that you have settled early.

hi nodosh like jan said the closer to the original dividend the better the chance of being accepted.without knowing your personal and financial details it is difficult to predict a offer,because creditors do take onboard the reasons for a offer,in your favour is the fact that if approved your iva will be concluded 3 years early, so your ip may waive some of the agreed fees in your proposals.a ball park fee of £7000 may be considered by your ip to put forward for you if the sum was affordable by your parents.your ip is best placed to advise on this but if you quote this figure your ip will give you a indication wether the offer should be any higher or lower ,based on your circumstances and iva terms and conditions.hope this helps a little good luck.

Good luck nodosh - let us know how you get on.