Considering Bankruptcy

[larson77]

Hi

Have recently moved house which has now made my IVA a real struggle due to increased travel costs amongst other things. It's a bit complicated but I pretty much had to move.

A family member has offered to give me 20k to offer in settlement but I still owe 34k having made payments for 7 months. (Original debts were 72k and am paying £0.46 in £) I want to try and offer this to my creditors to settle the IVA but I am aware this is not the agreed return however the alternative may well be my bankruptcy. Will this be rejected out of hand? The estimated dividend to creditors if I am bankrupt would be just 2k and 20k is much better than that?

any advice is much appreciated.

[Adam Davies]

Hi
That is a fair figure,however your IP must propose it in such a way that your creditor will feel that it is the best option.
I presume that you are not a homeowner with a fourth year equity release clause and that you do not have a clause stating that there are to be no variations within the first two years.
Have a chat with your IP.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp