me and my husband both have IVA im 22 months into mine husbands 2 months in. ive just told my parents today about the IVA and to be honest it's a weight of my mind finaly telling them. well they may be in a positon to give us the money to end the IVa early so wanted some advice on what to offer.
my IVA is £282 a month X 60= £16,920
ive missed 2 payments so have paid in £5,640
so £16,920 - £5,640 =£11,280
was thinking of offering £9,000
husbands IVA is £157 for 39 months
£439 for 21 months x 60 =£15,342
paid in £314
so £15,342 - £314=£15,028
was thinking of an offer of £13,000
would like to know what people think of the offer.
Both offers seem more than generous but in particular your husband would want to show a reason to close down the IVA early given it is so recent. Some creditors will reject a full and final unless you are struggling with the payments or face an uncertain future such as redundancy. The offers could possibly reach the original dividends if the supervisor's fees are reduced accordingly so from that perspective there should not be an issue so it may come down to why you want to close the IVAs down. Good luck.
i know my husbands is recent but he was on DMP for 20 months before that as his IVA was reject twice before that.
the only reason for coming out early would be we would be paying my parents and not be bound by the IVA. it's just an idea at the moment nothing agreed with my parents just wanted to get a rough amount on what to offer.
It is still a good offer for creditors in that the risk of default is being transferred to your parents away from the IVA. It is a really good offer and should be accepted. However, if your parents have just found out about the IVAs and wish to pay them off as you are both struggling with the payments it would increase the chance of acceptance.
The figures make good comparisons to what you originally offered, but get your own IPs advice as to whether they feel the offers are likely to be accepted. Make sure that your current surplus income is used to pay your parents back.
we would use the IVa money to pay my parents back it would mean we only have to answer to my parents and not have reviews and send in wage slips etc. just a thought at the moment nothing agreed with my parents.
It makes absolute sense to go down this road, as at the end of the day your parents may be more forgiving than your creditors when it comes to missing a payment or two!
yes melaine they would about 15 years ago my mum was in the same postion so she is very understanding. you would think i would learn from her mistake im definatly learning from my own mistakes
going to have a chat with her tomorrow and see what the can do to help.
Brilliant to have such supportive parents, hope it works out for you.
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
Good luck. My parents helped me out (£5k) and it was the best thing I've done. I got a new job and was told it was temp to perm in 4 weeks - looks like it's going to be up to 6 months and no work, no pay ! The second week in I had that norovirus tummy bug. Luckily they had accepted my F&F so the money I didn't get paid meant I wasn't short of cash for the IVA.
We've agreed that I will start paying them back when I get made permanent, but until then, I am stashing some away and getting to spend a little too !
Now to start trying to repair my credit rating !
Go for it.
There's light at the end of the tunnel - it's just that sometimes the tunnel seems so long.
ive spoke to my parents and at the moment they can not lend the money to me but they have said they will be in a postion to do so in about 12 months which is ok with me i won't need to borrow as much of them in 12 months as i will have paid more off the IVA in 12 months.
Well 12 months is not to long of a wait - so keep your monthly payments going and good luck S2004
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
