Settling my IVA

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pathfinder 1

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Post by pathfinder 1 » Sat Jul 10, 2021 11:32 am
Hello there hoping you can give me some advice on this i started my iva back in april 2018 paying 80 per month , this has now been i creased from july2021 to 109 per month due to a change in my job there was a restriction put on my house which i had a joint mortgage on with my ex wife , when she found out she tried to scupper the iva which didnt happen but through her solicitor once the iva was complete she gets the house .the iva was informed of all this and letters were sent back to her solicitor and the iva company . I understand there would be a 12 month extension put on my iva as i will not be able to use equity in the house as the ex wont allow it . My dad has agreed to pay a full and final settlement to clear me of this now my understanding of this is i have 33 payments left at 109 is 3597 in total if this total was offered would it be accepted hope this makes sense and any advice would be appreciated

Foggy

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Post by Foggy » Sat Jul 10, 2021 12:03 pm
Your calculation is, essentially, correct and should be acceptable. However, as I have said many times before, I have seen low offers accepted as well as high ones refused (in at least one case, an offer of more than the outstanding payments). That said, creditors do not want to be bound into these IVAs either, and the majority will entertain a good offer.

Best of luck with it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

pathfinder 1

Posts: 5
Joined: Thu Jun 10, 2021 7:21 pm

Post by pathfinder 1 » Sat Jul 10, 2021 12:48 pm
Many thanks for the reply much appreciated hopefully it will be successful with them and get rid and start moving forward . Would you know what info they would need from my dads point of view amd what would they need from me aswell many thanks

Foggy

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Post by Foggy » Sat Jul 10, 2021 2:34 pm
Depending on the diligence of your IP they generally require a letter or email making the offer, with the offer making clear that the money is being provided by a donor and that, should the offer be rejected the monies will be retained by the donor and not available to the IVA. They should also ask, for money laundering regulations, for proof of the donor's I.D and of the existence of the lump sum -- usually by way of bank statements from the donor.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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