IVA Full and Final Offer Advice

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chin_up

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Joined: Wed Dec 14, 2016 10:31 am

Post by chin_up » Thu Dec 13, 2018 11:53 am
Hi all,

I entered in to an IVA almost 2 years ago. A family member has offered to help me out and can make a full and final payment.

Based on my original agreement I would have approx £16,500 left to pay and a family member has offered around £12,000 - £13,000 to settle it. I don’t know whether this is likely to be accepted or not? Some extenuating circumstances include some considerable uncertainty over the future of my job and also the birth of my child.

The second part to my question is how I am allowed to go about making the payment assuming that the offer is accepted. The family member in question wants to give the money to my wife (she is not in the IVA) as doesn’t want to deal with it directly. Would this have an impact on anything if the money is from my wife or would it need to come from the original third party directly. The other option would be that they transferred the money to me (after agreement was received) and I could then make payment to the IP, would this be acceptable?

Any help appreciated. Thanks.

Lisa Thomas

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Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Thu Dec 13, 2018 12:23 pm
Hi

You might want to get the IP/creditors to agree your new reduced monthly contributions first, based on the change in your circumstances, as if you are able to do so this will bring down the remaining balance and therefore any offer you might put forward.

The figures you have mentioned seem reasonable to me.

You wife is still a third party so this might suffice, although she may need to give evidence to show she is in funds and that they derived form a third party given your connection. It would probably be cleaner for the family member to do it instead of involving your wife.

The funds will need to come from the third party, or your wife.

To come from you will complicate things and give the IP reason to have to verify where you got the money from...
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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