Implications of paying off daughter's iva

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john440
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by john440 » Wed Feb 07, 2018 5:41 pm
What if any are the implications for me if I pay off my daughters IVA from my savings
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Foggy
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by Foggy » Wed Feb 07, 2018 5:48 pm
john440 wrote:
What if any are the implications for me if I pay off my daughters IVA from my savings


In a nutshell ---- your savings shrink!

Your daughter's IP will require evidence of the savings, usually by way of a current statement. When she approaches the IP do not use the term "pay off" or "settle" -- this involves paying the full original debt, plus fees and possible statutory interest. Make a Full and Final Offer (F&F) -- this is based on the number or repayments outstandimg multiplied by the monthly payment and can sometimes be rounded down a little.
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Lisa Thomas
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by Lisa Thomas » Thu Feb 08, 2018 10:11 am
It has to be classed as a gift so you won't be able to legally pursue her for repayment.
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Lisa Thomas
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by Lisa Thomas » Thu Feb 08, 2018 10:11 am
she might find this quick video of mine useful to watch:

https://youtu.be/h4dozq9aGak
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Shaun Vickery
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by Shaun Vickery » Thu Feb 08, 2018 11:17 am
I agree with previous comments (and very funny Foggy!) - it would free her from the ties of her IVA although her credit file will remain damaged in the short-term.
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