I have a meeting over the phone soon with my IP. I have made an offer to settle my IVA a year and a half early. They want to go over my I&E but this has not changed since my last review about 9 months ago. Is there anything else they are looking for or what is this all about?
I can earn overtime at the minute but this is not regular and can vary from month to month.
The offer is to pay the agreed amount that was orginally set out on my IVA. My payments have not incresed over the period I have been paying so far.
My reasons are that my pay has now been frozen for 2 years.
I have a child with my girlfriend and another on the way, so expense will increse next year. Also my little boy is due to start playschool a couple of times a week which we will have to pay for.
We do not live together at the minute as she does not want any part of my IVA. We would both like this to change and to get married.
Is there a good chance that this will be accepted?
I hope I have explained myself here and you understand.
It's perfectly normal for your IP to want to discuss your income and expenditure before allowing you to make a full and final offer during an IVA.
He will have to write a report to your creditors detailing your offer, and your creditors will be able to vote on whether or not to accept it. They will look at your income and expenditure, any changes in circumstance and the dividend that they will receive.
From what you have written, your offer would look extremely reasonable and I can't imagine why any creditor would reject it. I'd have to have the figures in front of me though, which is exactly why your IP needs to make sure that he gets as much detail as possible in your proposal!
I'm paying £311 a month at the minute. I have 18 months left on IVA. This means i have £5598 left to pay. I offered £5000 final payment. However I'm sure I will have at least another 2 payments made by the time or should I say if my offer is accepted.
The money is offered by a family member only of the settlement is agreed.
I just had a chat with my IP today. So I just have to but the paperwork together now.
Only thing I'm worried about is my overtime. I just started to get overtime this year but it usually amounts to about £ -200 extra a month but this can vary. However one month I did earn £1000 extra in overtime.
I have not paid this yet as I was told to just keep 50% of overtime, which I've done and it would be sorted out on the anual review. So paying it is not a problem.
Just wondering now will my creditors look at this an reject my offer thinking they will get more money?