Hi there, if I family member wanted to take out a loan in their name to offer and full and final payment on my IVA would this be accepted ? I would not be paying the family
Member back it would be a gift from them, my brother has said he would happily get a loan out and pay off my IVA for me , which comes to my next question I currently have 44 payments of £249 left to make (I am not a home owner) this equals £10,955 what would a reasonable off be if my brother paid it, I was hoping near around the £7500/£8000 mark.
I know they like to check
The third party’s source of money so I was worried would it being a loan be a problem .
Many thanks
I don't think it's a problem if your brother wants to take out a loan and it's very kind of him.
I'd go for the lower figure personally.
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
I have seen F&F offers funded by a family members loan before and they have been accepted --- as with any offer, it depends on your make up of creditors and who bothers to actually vote.
As for the amount to offer --- you would be saving them over 3 and a half years (creditors don't like to be in IVAs either) so I would think something in the order of £8k would be looked at seriously.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
