www.iva.co.uk

Hi

We have been in IVA since 2005 with a debt of over £57k and agreed £335 for 60 months (34% return - £20,100), after 12 months this was increased to £550 which we paid for 28 months. Unfortunately, husband was made redundant and was on jsa for 3 months, we were given a 3 month break which has been put on the end of the term which is now scheduled to end October 2010 rather than August 2010. We recommenced payments after the break at £440 as husband now self employed. We have paid in £22,420 (39%) so far and will pay in £27,890 by October 2010 based on the £440 (48%). Unfortunately, his work is not guaranteed and we don't want to keep going back to IVP asking for variables or breaks, his salary changes each month which makes it hard to budget and with Christmas just around the corner will mean another week possibly 2 out of work with no salary. Do you think as so much has been paid and we are near the end and we may start to struggle would put us in a strong position to ask for full and final settlement before end of term. If so, what sort of figure or suggestion would be realistically considered. Any advice would be gratefully received. I spoke to IVP who said possibly ask in January for the creditors to accept all funds already paid as final settlement or put forward a figure now. Help.... Thanks.

It may be possible to put forward an offer of full and final settlement, but where would the funds be coming from? A settlement based on accepting the funds already paid in, is unlikely to be acceptable to creditors if you can afford to make ongoing payments.

hi kate and congratulations to you and your husband,for nearing the end of your iva,and you want commending for paying a higher dividend to your creditors than your original proposals.if your ip has suggested a full and final offer in january based on all funds paid in,then if you could borrow the money from a 3rd party,friend or relative,a offer of your payments up to december inclusive,say £1300 would seem to me to be a good offer,based on the info you have had.as said with your original dividend been surpassed and your ip,s approval i think your creditors would look favourably at any reasonable offer you made.well done and good luck to the future.

Hi Kate, and good luck with your proposal.

I do agree with Melanie though that if you can continue paying, it may be that the creditors won't accept the contributions paid up until now.

If you do offer a full and final,you need to make it clear that the money is only available for that.

Hi all, I thought I would let you know how our proposal went. I contacted GT at end of September and offered that we could pay with assistance the next 3 months installments and could they consider this as full and final settlement based on the fact we would have paid above original dividends agreed. Our creditors meeting was on 3rd December and this was agreed, our last payment was made 18th December 2009,(10 months early) and we had our first debt free Christmas in a long time and enter 2010 with positivity. This has been a stressful few years and at times wished I had gone bankrupt particularly when I had to prove I attended my Mum's funeral - a death cert didn't seem to be sufficient. However we stuck at it, we remained strong as a family and we have come out the other end older and wiser. All of you still with an IVA, keep your chins up, it won't last forever.....

A great outcome for you, and despite some of the difficulties you have had with your case, at least you can put it all behind you now.

Fab result for you and a great start to 2010, well done x

Brilliant news Kate, well done and a good result for GT.

Good luck for the future and a great start to 2010.

so pleased for you kate its great to get the iva concluded good luck to the future.

Keep in touch Kate, we love to know how people are getting on.