Paying IVA off early

[sam123]

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]

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

[Dougie]

Off Topic but I bet you are feeling good clareyfarey, 58 down, well done, I still have 58 to go !!

[clareyfarey]

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

[plasticdaft]

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

[sam123]

Thanks, no they didn't know.

[plasticdaft]

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

[MelanieGiles]

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.

[sam123]

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]

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.

[peppermint]

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]

It's not a lot of money though and Sam may well need it to help with bills once unemployed.

[sam123]

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]

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.

[sam123]

Hi Melanie, Probably £15k to £16k.