on 2nd month of IVA in process of divorce

[raqia]

advice
I am on my 2nd month on IVA paying little under 200 pounds for a little more than 10,000, I am on the process of divorce, my husband offered to pay me around 8,000 to leave the house. my question if I suggested to settle my IVA with this amount, do you think it will be accepted.
thank you for your valuable advice you provide for thousand of people like myself

[MelanieGiles]

Hi there and welcome to the forum

Are your debts £10k or is this the the amount you are due to pay into the IVA over the next five years?

In either scenario it looks like a good offer to me - especially given your circumstances. Has the divorce just been sprung at you out of the blue, or was it known about when you entered into the IVA?

[raqia]

Hi Melani
the 10,000 is the amount I should pay into the IVA over the next five year,the total amount of debt is 50,000. I applied for IVA when I separated from him and he has no joint debt with me.
thanks

[MelanieGiles]

Then I think you have a very good chance of getting an offer of full and final settlement accepted, but try as hard as you can to get as close to the figure you were to introduce in the first place if you can.

[raqia]

thanks melani I already feel light. my other question is how long it takes my creditors to answer me back

[kallis3]

Hi,

Your IP will have to convene another creditors meeting, and I believe this can take a few weeks.

Give them a ring tomorrow and tell them what you want to do.

[raqia]

I will do that and thanks again for this valuable advice I will keep in touch and let you know

[raqia]

Hello again, I contacted my IP he is away, but I managed to increase the amount through a third party to 10,000 but I need a clarification on the chairman report which says:
The total costs, fees and disbursements of the IVA, including the cost of any variation
meeting, must not exceed the total of the Nominee & Supervisor fees, as set out above, or
£12,500 (including VAT).
does it mean I have to settle this amount or only the 10,000
thanks

[Michael Peoples]

The fees will be agreed between your IP and your creditors and will be drawn from the IVA pot. Your offer sounds very good and there should be nothing extra to pay.

[raqia]

thanks Michael for the explanation

[raqia]

hello everyone there, I managed to speak to the case officer, he explained that the process of F&F will take between 2-3 months, is that correct do I have to carry on paying my monthly amount or stop paying until I hear from my creditors

[MelanieGiles]

You will need to verify that with your IP - variations should not really take that long to propose, but there may be good reasons for this.

[raqia]

thanks Melanie, do I have to continue paying or not

[MelanieGiles]

You'll need to get clarification from your IP on that one - but I would suspect that the answer will be yes until the offer is accepted.

[raqia]

thanks Melanie