Hi, i have an IVA set up already and my parents offered to remortgage their house to clear the IVA early. I asked Bains and Ernst if i could offer an amount close to the amount that i would be paying back if i paid the IVA over 5 years and they said i cannot offer based on that amount and that i had to offer an amount based on the original debt. Is this correct?? Seems madness to me as surely one in the hand worth two in the bush as it were?? Why wouldnt they prefer to have the same amount or close to it in one go immediately rather than wait 5 years?? Cheers...
Hi
Very poor advice
You should be able to offer the amount that your creditors are expecting from your monthly payments.
Go back and speak directly with your IP
Regards
Andy is right whilst there are no hard and fast rules regarding full and final offers it is not unusal for creditors to accept payments near to the orginal offer. Also are you on DMP or IVA. If IVA contact the supervisory team and they will deal with your request.
James Kaye and Nick Morgan, Insolvency Practitioners with over 30 years combined experience.
You can offer whatever you like to creditors, and your IP is duty bound to put any reasonable offer forward. The circumstances for you making the offer need to be taken into account, but the advice you have received is not correct and you should perhaps query this again.
