www.iva.co.uk

Hi there,

This is my first post and I apologize in advance if the this topic has been covered before (which I've no doubt it has)

Anyway, I entered an IVA in September 2011 owing approximately 13,500. Agreement of my IVA is 48 x £150 payments + the 12 x £400. Totalling £12000. Thus far I’ve paid 43 x 150 which equals 6450 and I have a further 5550 to pay. My mother-in-law is thinking of helping us out and could probably afford a sum of 4,500 as a full and final offer. I understand that it takes about 3 months to process this so by that time it would come for the meeting I’d have paid an additional £450. Do you think this would be a reasonable offer? Also, my mother-in-law is not a UK Citizen, would this pose any potential problems?

Regards

Harald

Hi Harald. First of all --- I assume the increased payments at the end are to cover the ending of an HP agreement or something similar ?

Do you rent your home or own it ? If you own it there might be an extra 12 months to thing about regarding equity.

If you rent, then I feel the offer would be looked at favourably (though there are never any guarantees). I doubt that your mum being a foreign national would be any problems, as long as it is clear where the money is from and that it is also from a third party.

Thanks for the reply Foggy. You're correct regarding the 12 final payments. They go increase to £400 per month as my HP ends in September. Also, I live in a rented property and have no assets, other than a car that is a requirement for my job.

From recent post everything is likely to hinge on how cooperative your IVA company is likely to be.

You would think that the best measure of success is the number of completed IVA's that a company is able to get through but some seem reluctant to lose people.

Make sure that any offer is conditional on acceptance and the funds will be withdrawn if the offer is not accepted (Foggy et all advice from other posts).

Good luck

Hi Harald - sounds like a very good offer to me. I would possibly even offer a bit less... I would hope creditors will look favourably on it - it should bring the IVA to an early end and save on Administration costs, although your IP may charge you a fee for dealing with the necessary creditors meeting to propose the variation. Timescales will depend on how quickly your IP acts... Good luck.