hi there guys I was just after a little bit of information really. I am currently 15 months into my iva with mccambridge duffy ( who have been absolutely brilliant so far) and there is a possibility that I maybe able to attain a lump some from a family member if it was to bring my iva to an end. I just wondered what the procedure is and wether the figure to be offered has to be the same as if the iva ran full term. without crunching any numbers exacly I believe the amount to still be paid is around 23 thousand is that the figure that will be needed? Many thanks
What you need to make is a Full and Final Offer -- this is based on the number of payments outstanding multiplied by the current monthly amount. If you are a home owner, you will need to factor in 12 extra payments for equity release.
Knocking around 40 months off of the term will save them a bit in admin costsa, as well as the "bird in the hand factor", so it is usual to round that figure down a bit (but, of course, the closer to what they are expecting in the long run, the better the chance they will accept).
The lump sum will have to go to McCD direct from the family member and your IP will check the source of the funds and the donors identity.
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
You could always drop the first suggested figure to 20k and see if that would be accepted. Always indicate that the money is only available from a 3rd party for a settlement figure and is not available for any other purpose.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
that's brilliant thanks guys, its still a bit more of a discussion really and obviously I need to look at the numbers and speak to mccambridge duffy. but after speaking with the family today (I hadn't told any of my family I was in iva) and the possiblilty that childcare issues and a possible change in working circumstances on the horizon they said they would be willing to gift the money if it was to end the iva. Another quick question does it have to come from just one single person the lump sum? because dependant on the amount needed it might be the case that it has to come from 2 separate people. many thanks again guys you really are all fab