www.iva.co.uk

Hi I’ve recently started a Iva 3 months ago with StepChange and in the wording of my Iva the IP can end it early Lately I’ve been dealing with heavy depression and close to loosing my job due to sickness I’ve managed to find a 3rd party who’s willing to pay off the equivalent of the remaining payments I would make but where I’m so early on in the Iva would it be accepted and if my IP says no then it’s up to creditors to decide can I have people’s thoughts if this is likely to be accepted or not?

Mental health problems are a good reason for paying off an IVA early, to prevent failure later on .. which nobody wants. Stepchange are fair with their operation of IVA's and, with their support, there is every chance of it beibg accepted. After all the creditors are getting done and dusted early too -- they don't like being in IVAs either !

Update regarding offer of settlement

As its still very early in your IVA its been necessary to wait to action your request until your creditors have had at least the legal minimum time to submit a claim.

This time has now passed and our Creditor Team have today written to those creditors who have still to submit claims advising that their claims are to be excluded if they don’t submit one within the next 30 days.

Once this 30 days has passed, your Insolvency Practitioner will Be able to consider your offer. I’ll advise you of her decision in due course.

Can someone break this down for me? Good or bad news?

Creditors have a certain period within which to submit proof of debt, so the IVA payments can be fairly distributed. Once this is done they will start to process your offer.

Unfortunately my IP didn’t accept the offer so it’s going to a variation meeting for creditors to decide, what do we all think on it actually being accepted?

At the end of the day it is not your IPs decision and should, in the normal course of events, be put to creditors at a variation meeting anyway. I understand that, in some arrangements, Stepchange reserve this decision to the IP in the first instance, but the accepted practice says otherwise. Unfortunately, some creditors will be swayed by the way in which the offer is presented to them, so, hopefully, Stepchange will still put a positive swing on it.