Hi my hy husband and myself are due to complete our 5 year IVA next June, we have been paying between £535 - £600 (over the last 3.5 years) a month this is due to wage increase every time we have our yearly review which is now 6 month since freeman Jones took over. Our outgoings are high also, as we have 7 pets and all have insurance plus other bills. We have been told that our final payment is £6300, obviously we won't be able to remortgage, so we was thinking of borrowing off family (plus trying to save a little also by reducing spends) to settle and get away from the IVA. Before the IVA we were paying £1,200 monthly off credit cards so fill we have been so been so long in debt. Question is can we make an offer of what is the final years payments as i was told by my relationship manager that we have to show where the money came from ?
Yes, you can make an offer, and, yes, you will need to show where the money is coming from as well as the identity of the donors -- this is for money laundering regulations as well as the IVA criteria.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
I am part of the team here at Freeman Jones. We are happy to help you put a settlement offer together. The key thing to remember is that it isn't us that decides on whether to accept the offer or not, it's your creditors. They will be looking at what they would get if they just let your IVA run and you continued to make payments, compared with what you are offering.
If you'd like further information please drop me an email to ian.williams at freemanjones.com and we can explain the process in more detail.