Variation.

[Chris.z]

Hi, If someone is asking for a variation to their IVA can they offer a Full and final settlement with their new variation proposal??

Chris

[ray_a]

Hi Chris

Basically the answer is yes but it would help if you could let us have more details.

Regards

Ray

[MelanieGiles]

Sorry Chris - I don't understand the question. Are you talking about one variation here?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Chris.z]

Hi melanie - I am attempting the moment to reduce my payment from 350.00 per month to 240.00 per month. When it has , hopefully been reduced to 240.00 a month. If this is sucsessful I may then have the opportunity to borrow some money from a memeber of my family in an attempt to offer a full and final payment. I wouldn't be able to borrow enough though with the payments at the current 350.00..

Chris

[MelanieGiles]

OK - so we are talking about a potential second variation then. If your family can fund the lump sum now, why not get the IP to roll this all into one. I think that creditors might get fed up with being asked to review two unecessary variations, and the same proposal can make it clear that you can only now afford £240 rather than £350.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Chris.z]

Thanks Melanie I didn't know it was possible to do that...

Chris