Depending on your circumstances and where the funds are coming from, you may be able to ask your IP to call a variation meeting to offer your creditors a full and final lump sum settlement.
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support.
It is entirely possible to negotiate an early settlement with creditors whilst you are in an IVA - so long as you are making a genuine offer and not trying to just avoid paying the debts. This works well if you have the benefit of third party funding from friends or family, or you sell an asset which was specifically excluded from your IVA - such as your property.
Are you in a current IVA, Howard, and thinking about making an offer?
If you are able to get a lump sum from friends and family that is great and you should contact your IP and ask for a variation meet to be held with your creditors and offer an amount for full and final settlement of your IVA.
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support.
You should try and get as close to your original dividend as you can.
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
Do you mean that your dividend is 50.4p in the £ mum of three? There should have been a detailed illustration in your IVA proposal which you would have been expected to sign showing how they made up the figures. Do you recall seeing this?
