Been in my iva for nearly two years now and finding it pretty tough due to my partner losing her job and not being able to find another for the last year!!! Parents have been brilliantly by covering us for the past year so we can keep it going and have offered us £7000 to make a final offer payment to the creditors, we have around £14k remaining in payments. Do you think this offer will be accepted? Otherwise we might have to go down the bankruptcy route which I don't want as I would like the creditors to get something rather than nothing.
Is there anything My parents need to put in the final offer letter? As I'm concerned that they will take the money without stopping the IVA.
not sure about the offer but you have to get a letter from your parents saying they are giving you the money but make it clear the money is only there for a F&F offer if it's not acceptted then the money will be withdrawn by your parents.
If you really can't continue (and shouldn't do if things are such a struggle) then you have nothing to lose by putting forward the offer and seeing what the creditors say. £7000 is a lot less than the £14k remaining however it is a lot more than they will get if you do have to go BR.
Keep us posted as to how you get on - hope it works out for you.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Hello harveya and welcome to the forum,unless advised by your IP the funds dont need to be sent until a offer is accepted.i sent the cheque in the post from a relative the day mine was accepted.Like busby said state in your proposal that the funds will only be available if F&F is accepted.explain in your offer that your parents have been supporting you but they can,t sustain this do to your partners unemployment.
Thanks for your responses everyone, I posted the letter to them last week and they are now drafting up my proposal to put forward. Fingers crossed it gets accepted!! Will I still have to wait another few years before the IVA comes off my record??
If your IP is drafting up your proposal that sounds very promising,when your iva is complete your IP will notify public insolvency register,then your name will be removed normally takes a month or so.your credit file will show your iva as comp and your creditors as part satisfied with zero balances.but these markings wont drop off for 6 years from the start of your iva giving you a low credit score.good luck with your offer.
Sounds good to me! Good luck with the proposal, let us know what happens.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Brilliant News all, Final offer payment of £7k was accepted on Friday and it feels great to be finalling finishing the IVA!!!
Yessssssssssssssss!!! Good luck everyone with yours and it is a very satisfying feeling when you get through it!!! Now looking forward to seeing the completion certificate when this is arrives. Should I do anything else when this arrives??? Do I need to keep an eye on my credit history!!
