proposed amount was £39000 paid to date £13184.
Me and wife are currently going through fertility treatment after waiting for 8 years and we are working 11hr days with travelling time.My wife is having too take loads of time off for fertility appointments so this and the IVA is making us very stressed.
We own our house but have no equity in it and really dont want to lose it as we bought this house specifically for having a family.
So we need to end our IVA one way or another by going bankrupt or offering a settlement figure.
A family member has offered us £10000 on the condition that this would settle the IVA.Do you think they would accept the following
Proposed amount £39000
Paid to date £13184
Possible deduction of 4yrs worth of fees £5200
Amount outstandin £20616
Do you think they would accept this or make us bankrupt as by making
us bankrupt the proposal states they would receive 0 pence in the pound as my would lose her job.
Well it is certainly worth a try and if they reject then look at bankruptcy. As you have no equity then you should be able to keep hold of your house, if your wife is not in an IVA she could offer the official receiver a nominal one pound plus costs of a few hundred and buy your interest of them.
I am really hoping they will accept the offer as its would be the very best solution for us and the offer would mean nearly a 50% return for the creditors is 50% a good return?
If you are certain that bankruptcy would be the next step if your F&F isn't accepted, then you need to let the IVA fail by missing three payments. This would aso allow you to save up for the fees.
If you stick with the IVA, then obviously you carry on making the payments.
I hope they go for it as well, and I have everything crossed for you.
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