would I be able to settle my new partners iva ?

[sebastion.n]

would I be able to settle the remaining portion of my new partners iva early?(she has 30 months left) Are creditors open to offers on an early settlement? The reason is that she would be relocating to be with me and would not be earning as much money and surely they would prefer a settlement to forcing a bankruptcy if she could not keep up her current repayments? Thanks for any advice in advance

[Viki.W]

Hey Sebastion, welcome to the forum. What a little gem you are! You could ask your partner to get a settlement figure from her IP and take it from there. It's worth a try. X

[aguise]

Hi sebastian and welcome to the forum.
As Vicki says it is possible to ask for a variation and make an offer of full payment.
Get her to ring her Ip.

Ang

[indebtforever]

yes you can settle early if you are offering close to the dividend they were going to recieve i would think they would accept you will also pay less fees as the work involved will be less.

what does she pay monthly and is there an equity release involved at a later date? you will get views on a figure to offer but you will need to speak to your ip for his opinion on a settlement figure.

[MelanieGiles]

It's a great idea - and what a lucky girl to have such a supportive partner. Her IP ought to be able to give you a settlement figure relatively easily.

[sebastion.n]

Thanks ever so much for all the quick replies.

She does does not own her own home so the equity release does not apply to her.

We anticipate being able to offer settlement in about 6 months which means she will have 24 months left at £444 = £10,656. What sort of offer would be reasonable as reading through this forum full & final settlement figures seem to vary. We were thinking of (£9,500 - £10,000)

[sebastion.n]

Sorry, forgot to ask. If the IVA is settled early, would her name be removed from the insolvency register early too?

[MelanieGiles]

I would try at the lower figure and see what her IP says. And yes her name will be removed from the insolvency register as soon as her case is closed.

[indebtforever]

i would also try a lower figure as you will save on about 2.5k in fees but will have a variation or completion fee to pay and creditors like their money early

good luck

[sebastion.n]

Cheers for your advice everyone, she might be my new partner but in fact we went out for several years 24 years ago and have recently got back together again. She has in the meantime brought up two children on her own after a short disastrous marriage holding down 2 to 3 jobs while trying to pay off the large debt her ex husband saddled her with 15 years ago so I am full of admiration for her regardless of her IVA.

[indebtforever]

she has done well to service the debt burden so long and it will soon be over then you 2 can get on with your life.

[Viki.W]

Sebastion, she is very lucky to have someone like you in her life. I hope you manage to sort this all out for her. Good luck. X