Hello.... I am 1 year into a 5 year IVA plan and I'd like to pay the IVA off due to the mental health implications of being credit blacklisted. I am due to repay £4,800 plus 50% of my annual bonus from last year of £1,500 over the remaining term. I had assumed a cash offer of £7,500 from a third party on my behalf may be enough to get a settlement agreed.
My question is about the choice of third party to make the offer.
If I ask my employer to submit the offer on my behalf, is it more likely to be declined for a higher amount compared to if I ask a family member as a private individual? My theory being that the creditors may think that my employer has greater capital at their disposal to offer a higher amount. Am I better off approaching a private individual to make the offer, for a higher chance of it being accepted?
You can ask anyone to help with a full and final offer - my stepdaughter had money from her employer which she paid back after her IVA completed. You need to make sure they know the money is only available for a full and final and will be withdrawn if not accepted. Your donor will also have to provide proof of funds and also provide bank statements (for money laundering checking).
Paying it off early though will not help your credit rating which will remain shot for the full six years.
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