www.iva.co.uk

Hi Everyone, I have been in my IVA for just over 4 years now and am hoping my creditors will accept an early settlement provided to me through a family member.

I have a balance of around £4480 (£4200 if you include my next payment)and I have made an offer of £2500, my variation document stated that I will be offering 34p in the pound which is what was originally agreed at the start of my agreement.

I would just like to know if this is a reasonable enough offer as I’m getting extremely nervous as I have not heard back from my IP yet about the meeting date.


Many thanks

Kel

You refer to a variation document. Does this mean that your offer has already been put to the creditors? This looks like a sledgehammer to crack a nut - and are you being charged fees to vary something down from £4,480 to £2,500? Where is your IP with putting the proposal before creditors? It seems hardly worth everyones time with such small numbers.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi, not sure what you mean by saying it’s not worth everyone’s time, but I was given a document to sign and was told that this would be sent to my creditors with a planned date of the meeting included but I have not been advised of this date as yet.

It says in the document that a minimum fee of £822.50 inc vat is to be drawn by my IP in relation to setting up the meeting etc.


Kel

Just really commenting that for the sake of saving £1,980 after four long years of repayments, it does seem a little unecessary unless you are unable to make the remainder of the payments for some reason.

I am not sure what you have been asked to sign. There is no requirement for you to sign a variation report to creditors, although you should have been made aware of the date of your forthcoming creditors meeting. I suggest that you give your IP a call to check what is happening.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

So you do not think in your opionion that the offer will be accepted.

I suppose that I am more suprised that it is being presented. Your IP must feel that it stands some chance of acceptance, so I wish you every luck with your application. What are your monthly repayments under the IVA as a matter of interest?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk