Hi I have a quick question to ask the hive mind, regarding my IVA which started around 12 months ago...
My total IVA debts were around £25k, and if my IVA were to run for the full 6 year term, I would have repaid around £13k. This results in a dividend of 43p in the £, which I understand is quite generous for an IVA.
I have recently found out that I’m pregnant again with my third child, after which I’m unlikely to return to work due to childcare costs.
If this were the case I’d likely have to declare bankruptcy as I wouldn’t be able to continue my IVA.
However, after discussing this with a family member, they have said they could offer around £4K to end my IVA early, and avoid bankruptcy.
This is the maximum they could offer, and from my calculations, this would provide the creditors with a dividend of around 16 in the £.
Would this be acceptable? As is my only option