what to do?

[Lula]

I posted earlier on that my dad is prepared to gift me £25,000 for a depoist on a house. He doent know abou my IVA but i am thinking of telling him and using the money to offer as a full and final settlemen.. then i could use me dispoable income to save up...plus i am not confident that me and my partner are ready for a mortgage..so would give me some more time.

I owe £38,000 + IP fees £1000 pa. Been in my IVA for 5 months payng £488 per month.

Do you think £25,000 is reasonable as a settlement? or could i offer a bit less (using anything left over for a depoist?)

just trying to think out my options..
Posted this in the wrong place earlier!

[Sadsack]

Hi Lula

You don't mention what the minimum return is ie p in the £. I think it depends on what your creditors want. Could you give a bit more info please.

Sue

Ho Hum! Think I'll bang my drum!

[Lula]

It is 0.38 pence in the £

[MelanieGiles]

Those numbers do not work out - are you saying that your total debts are £38,000, or that this is the amount you will pay into your IVA over a five year period? Either way I can't get that to make 38p in the £. Please clarify the exact terms of your IVA.

Assuming that you are paying £488 for 60 months, and have already paid for 5 months, I would say that a lump sum of £25,000 represents a very fair offer, but I would suggest that you leave it until the end of the first year before you try varying the IVA.

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

[Lula]

Sorry thats me not making sense.
Total debt is £38,000 my contribution is £488 per month . My orginal proposal was for my creditors to receive 0.38 in the £ back. (Recent pay rise...rised my contribution!)

I think i will def wait till the end of the 1st year before doing anything!

[Adam Davies]

Hi
On those figures you will be returning about about 55-60 percent dividend,about 22k.So your 25k will be more than enough,you are best to ask your IP for for a figure that the feel will be acceptable and it could be in the region of 20k.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp