Has anyone else had an IVA accepted when on benefits?

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Lucy2222
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by Lucy2222 » Tue Feb 06, 2018 8:41 am
Foggy wrote:
I would suggest a chat with another firm, just to compare advice.

Hi
What would you think about a full and final Iva payment. I would be offering 7,000 as a gift from my parents. That would be more than they would receive through Iva payments and also bankruptcy?
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Foggy
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by Foggy » Tue Feb 06, 2018 8:47 am
Lucy2222 wrote:
Foggy wrote:
I would suggest a chat with another firm, just to compare advice.

Hi
What would you think about a full and final Iva payment. I would be offering 7,000 as a gift from my parents. That would be more than they would receive through Iva payments and also bankruptcy?


Certainly worth entertaining as it will give all parties a degree of certainty.
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Lisa Thomas
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by Lisa Thomas » Tue Feb 06, 2018 9:21 am
Creditors will receive nothing in Bankruptcy if you have no assets and are in receipt of benefits.

Why would your parents give away £7k of their savings on this basis?

Have you taken any advice?

The lump sum is usually done to avoid a formal Insolvency procedure because you have assets to protect or need to avoid the consequences, perhaps the need to continue to be a Director etc.
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