I am 3 years into a 6 yr IVA, via CCCS. My brother is emigrating, and is worried about my financial situation, as I'll have no other relatives here once he is abroad, so has offered to give me some money if I can use it to pay off my IVA. My original debt was about £72k (oh, god, that sounds horrendous now,please tell me someone else had worse!), I am currently paying about £600 per month, so about £7k per year, which would obviously be about £42k over the 6 years (long story as to why it was 6 yrs, but there you go). He has said the maximum sum he can give me is £15k, but I don't know if this is anywhere near acceptable, or how I suggest it to CCCS etc.He is giving it to me as a gift, and I know this is his absolute maximum. Does anyone have any experience of paying off an IVA, or can anyone advise me if this is a possibility please.
Hi skintali, be sure to tell CCCS that the money is a gift available for a full and final but is not available to you under other circumstances. If it was the creditors could claim it all as a windfall in addition to your regular payments. It sounds a low offer if you can afford to continue with the monthly payments but it's worth a try.
So skintali, it looks like you've already paid £21k into your IVA with £21k left against which you can offer £15k as full and final.
I owed quite a bit more than £72k and was with CCCS. I successfullly offered £15k against an outstanding commitment of around £25k so it can be done. Phone CCCS and they will give you advice.
I found the process to be very quick and I received my completion certificate only a week after the creditors' meeting.
You do have to make it plain that the money is only available for a full and final offer.
My debt is £83k so yours isn't so bad!!!!!!
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
thank you for these responses to date, as Lord Soth says, I have paid £21k already, and in theory have another £21k to go over 3 years, so I am hoping that an offer of £15k in F & F will be ok. That really is the maximum that my brother can give to me, so if not then I'm just going to have to stay on the IVA for the 3 years.
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
I would suggest that you put forward the offer on the basis that you will make a further six months contributions - thus delivering an additional £3,600. That is much nearer the original figure, and it may take up to that time for creditors to receive and consider the offer in the first place.
Hello Ronald - How the devil are you? I like Sunday afternoons browsing this site as it gives me a chance to catch up on some of the threads! What is the sort of timeline for a F & F offer from the date the IP is first notified to the receiving of the completion certificate ? It seems to be around 6 months from what I see here, is this normal? How long was your process Ronald?
There is no set timeline - or perhaps there are individual ones for each IP firm depending upon how busy they are and the urgency of the need to get the offer in front of creditors.
