Paying IVA off early

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sam123

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Post by sam123 » Wed Jul 28, 2010 5:08 pm
Hi,

I am in the fortunate position that my parents have offered to lend me money to settle my IVA. I have just completed my first year paying £460 per month. Would it be best to offer the full remaining amount?

Also, I had to complete a RX1 form, what would happen to this if the IVA is settled.

Many Thanks Sam
 
 

clareyfarey

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Post by clareyfarey » Wed Jul 28, 2010 7:09 pm
Hi Sam

I don't know the answer to your question I'm afraid, but I'm sure one of the experts will be along to advise soon

Cx
60 Payments Made!! IVA completed Oct 2010

read my story
http://clareyfarey.blogs.iva.co.uk
 
 

Dougie

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Post by Dougie » Wed Jul 28, 2010 7:16 pm
Off Topic but I bet you are feeling good clareyfarey, 58 down, well done, I still have 58 to go !! :-(
IVA Accepted - Sep 2009
F&F Accepted - Oct 2014
CC Received - Jul 2015
 
 

clareyfarey

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Post by clareyfarey » Wed Jul 28, 2010 7:22 pm
Thanks Dougie! Yes, it's not been easy, but after almost 5 years I'm almost used to the money going out every month! Not that I'm going to miss that big chunk on my statement every month!

Sam - Hopefully someone wil be along with some answers soon!

Cx
60 Payments Made!! IVA completed Oct 2010

read my story
http://clareyfarey.blogs.iva.co.uk
 
 

plasticdaft

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Post by plasticdaft » Wed Jul 28, 2010 10:25 pm
sam123 you would have to offer pretty close to the expected original dividend. Your IP should be able to advise what is a good offer.

Did your parents know about the IVA from the start??

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

sam123

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Post by sam123 » Wed Jul 28, 2010 11:25 pm
Thanks, no they didn't know.
 
 

plasticdaft

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Post by plasticdaft » Wed Jul 28, 2010 11:48 pm
It amazes me the number of people who try to do the right thing and as soon as parents find out all they want to do is help out,good for them.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

MelanieGiles

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Post by MelanieGiles » Thu Jul 29, 2010 1:13 am
Great for you to have such generous folks! The RX1 form will be removed by your IP as soon as the settlement has been accepted - which it hopefully will.
Regards, Melanie Giles, Insolvency Practitioner
 
 

sam123

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Post by sam123 » Wed Aug 11, 2010 12:05 pm
Ok, it never rains it pours!!! I have just found out I am likely to be made redundant at the end of the month with no redundancy pay (the company is folding). My parents are still in the position to lend some money to offer a full and final settlement. With my circumstances would I be able to offer below what is owed in the IVA?
 
 

MelanieGiles

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Post by MelanieGiles » Wed Aug 11, 2010 12:39 pm
Yes - I think this gives you good bargaining power if you can persuade your employer to confirm this in writing so that you can show this to your IP.
Regards, Melanie Giles, Insolvency Practitioner
 
 

peppermint

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Post by peppermint » Wed Aug 11, 2010 3:48 pm
sam123 wrote:

Ok, it never rains it pours!!! I have just found out I am likely to be made redundant at the end of the month with no redundancy pay (the company is folding). My parents are still in the position to lend some money to offer a full and final settlement. With my circumstances would I be able to offer below what is owed in the IVA?
Hi,how long have you worked there?? thought even if the compant folds you are still entitled to redundancy from the goverment??

http://www.direct.gov.uk/en/Employment/ ... G_10026695
 
 

kallis3

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Post by kallis3 » Wed Aug 11, 2010 4:31 pm
It's not a lot of money though and Sam may well need it to help with bills once unemployed.
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
 
 

sam123

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Post by sam123 » Wed Aug 11, 2010 6:15 pm
Thanks Melanie, taking off IP fees I probably have £19k left to pay what do you think would be a good starting offer?

Thanks for the link peppermint.
 
 

MelanieGiles

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Post by MelanieGiles » Thu Aug 12, 2010 1:52 am
How much can your parents afford to lend you? Clearly the nearer to the original dividend level, the more chance you have of getting the offer accepted.
Regards, Melanie Giles, Insolvency Practitioner
 
 

sam123

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Post by sam123 » Thu Aug 12, 2010 9:20 am
Hi Melanie, Probably £15k to £16k.
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