do I need to show proof of funds for settlement?

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Post by » Sat Sep 18, 2010 12:16 am
Hiya. I have been in an IVA for 2years and am now in a position to offer a sum for an early settlement. My mum is to inherit some money in a few months(not sure exactly but guessing no more than 3). She has offered me a loan in which I can pay her back in smaller amounts over a longer period of time, wbich will give me more freedom and more of a life! I am going to offer the same amount in which i would be paying back after 5 years.

My question is can i put this proposal to my supervisor now, although the funds are not yet available? I see from this forum that it can take quite a few months for the offer to be agreed and paid so if I offered now the money will be in the bank by the time it needs to be paid. Or do I need to show proof of funds, i.e a bank statement with the money in my or my mums bank a/c before the proposal is put to my creditors? Any advice greatly appreciated, I don't want to waste my time or my supervisors. Many thanks

Broke of London

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Post by Broke of London » Sat Sep 18, 2010 6:48 am
It's worth speaking to your ip so he/she can start drafting up a proposal and then you're set for when the inheritance comes thru.


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Post by Shining » Sat Sep 18, 2010 6:49 am
You may also need confirmation from your Mum the funds will be available and only for the purpose of the full and final offer. All the best Lisa x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by RichyBee » Sat Sep 18, 2010 8:29 pm
Hiya Lisa

you will need a letter from your mum stating that funds are available, or will be soon. I dont think you will need to supply bank statments or anything, espeically your mums - I never anyway. ggod luck RB
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