I’m in the process of making a F&F and my IP has said
“If the offer is rejected, are you wanting to continue with monthly payments or terminate? Creditors will ask”
What do they mean by terminate? She has finished for the day but all I’ll be doing is worrying until tomorrow lol.
My plan was for my parents to keep offering higher amounts if it got rejected because they just want to get rid of my IVA - is this an option?
They mean if you want to fail the IVA and continue on paying your creditors on your own - don't recommend that. You can just keep paying. I also would not tell them that your parents are willing to pay more at the moment - they will expect you to pay more.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Tue Feb 02, 2021 5:52 pmkallis3 wrote:
They mean if you want to fail the IVA and continue on paying your creditors on your own - don't recommend that. You can just keep paying. I also would not tell them that your parents are willing to pay more at the moment - they will expect you to pay more.
Thank you - do I not tell my IP or the creditors? So as I need to choose one option should I choose to keep paying my monthly payments if it’s rejected but then once it’s rejected then give them another offer?
Put forward an offer and keep on paying your monthly payments. If it's refused you can always come back to your IP with a revised offer. Don't mention that it is a possibility you could find more at the moment.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Termination will mean everything goes down the toilet --- you do not want that! One step at a time ... tell them that, in the event of a rejection you want the IVA to continue. You can then see about offering more, if needs be. If you tell the IP that more is available now, he will simply ask for more !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
