Hello, thank you for the previous help, much appreciated - my IP at StepChange has said they are happy to potentially put an lump sum offer of 12,000 -13,000 forwards as an alternative to a contribution based IVA which
I currently have a proposal drafted for, but have not yet signed or committed to... the only thing that is worrying me is that she has said that the creditors could come back after the meeting and demand the lump sum and also the monthly contributions? Is this the case? A family member who is offering to help would be doing it on the basis that this would clear the IVA rather than us to make the monthly contributions in addition to this and also having to potentially release equity at the end of the term?
Sorry am just really unsure of the best way to proceed... I am 4 months pregnant so short term budget is a bit unpredictable which is why the family member has now reconsidering the option of a lump sum contribution. Apologies- just a bit stressed and confused and really not to sure of the best thing to do? Thank you x
At this stage it is all a game of negotiation ... if the creditors believe you have a lump sum and that you also have the ability to offer monthly contributions they might try for it. Just get Stepchange to make it clear in the proposal that the lump sum is from a third party and is for the purposes of a single payment (lump sum) IVA only. If this is rejected by the creditors the lump sum will be retained by the donor and will not be available to creditors. Take it or leave 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