www.iva.co.uk

Hello. I am new to the forum and hope to get some useful advice.

I am currently on a debt management plan and pay £126 a month and owe approx £42k. My job is unlikely to progress any further so I am stuck with this which is really getting me down (although I know it is my fault).

My father has now offered to help me out by offering me a lump sum to pay off the debt via a F & F settlement with a IVA.

Can someone help as to how I work out what would be a good and realistic offer? I have not got a clue what to offer and although my dad is going to help his pockets are not huge.

Thanks

wecome to the forum.
someone will me along with a link to ip companys.
have a talk with 2 or 3 its free.
have a read on here and you will get a fell for which ip company to go with.

Hi Sweetstuff and welcome to the forum

A full and final settlement IVA is when the IVA is approved the monies are paid to the IVA company, distributed to creditors and the IVA closed, we recently did a F&F IVA and closed the case inside 3 months so they can be closed quite quickly.

A figure of between £12,000 to £15,000 would give an attractive return to creditors

See some advice and all the best

Hi Kelly, thanks for the advice. I was thinking around the £11k mark or at least that's what my dad was hoping... Would that have a good chance of being accepted?

Also what is needed to get the ball rolling? As in documents, certain requirements from me (if there are any)? I don't know an awful lot about it so sorry if that sounds a bit stupid. Also what is the process?

Thanks

You would need to approach an insolvency practitioner to assist you im presenting your proposals to creditors. The practitioner will want full details of all of your debts, and your current financial position - together with a letter from your father confirming that he can make the offer of funding to you.

I think an offer of £11k would provide a very good return for your creditors, and as Kelly has already confirmed these types of offer, in our experience, are generally accepted.

Thanks Melanie.

What detail regarding my financial situation would you or another IP require? Do you mean some wage slips?

Is that all you would need and then it would be left in the hands of the Creditos to decide?

www.iva.com lists some professionals, Melanie included.

They will advise what is needed but it may include payslips, possibly bank statements, P60 etc., I can't remember now what I had to provide to set up my IVA.

Talk to 2 or 3 to get some impartial free advice. x

Cheers Mel and Les.

If I went with you Melanie what would you require and what would the exact process be? I.e step 1 to hopeful close and completion of the iva?

I just like to know everything about stuff like this before committing to a particular IP.

Thanks

I'm with Melanie and can I just say although you may think I'm biassed that if you go with her company she will be very thorough and professional throughout as are all her staff.

I can't fault you though for doing your homework on IP's, always best. x

Speak to as many as you like - pick up the phone and speak to some of them.

We would need to speak with you to find our more about your specific case to confirm what would definately be required, but the following details are required in every case:-

Proof of ID
Proof of address
Property valuation - if you are a property owner
Mortgage redemption statement
Rental agreement - if you rent
Proof of income - wageslips or trading accounts if you are self-employed
Creditors statements of account

Hope this helps

Goodluck sweetstuff - let us know how you get on. Hopefully you will be able to start afresh soon.

Good luck and do let us know how you get on