www.iva.co.uk

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

Hi Chris

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

Regards

Ray

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

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

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

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

Chris