www.iva.co.uk

My mother owes 32k unsecured debt. She has no savings and only about £50 per month disposable income. I have been paying her minimum repayments but can not continue to do this. I can raise 10k to offer full and final settlements pro rata to her 6 creditors. Do you think this is enough for companies to agree to settle?

hi joanne your offer seems a good offer,but i would contact 2 or 3 IP companies for advice to discuss your mams options.

Hi Joanne, sorry to hear what a rough time your Mum is having but what a supportive daughter she has. Your offer definitely sounds viable but further details would need to be understood first to confirm that.

As Mrbluesky says, get some advice from 2 or 3 companites so you can compare what you are told and to make sure you and your Mum are comfortable moving forward.

Regards,

Why doesn't she just go bankrupt, rather than you raising money which may affect your financial situation adversely? Does she have any assets which would be at risk under bankruptcy proceedings?

I agree with Melanie. Unless there are assets to protect you are putting yourself under unnecessary financial pressure. £10,000 is a lot of money to just avoid the publicity and paperwork of bankruptcy.

Listen to Mel and Michael's advice - if your mum can start again with a clean sheet, then she should do so. Less stress that way, especially if she has no assets.

To answer your original question, I am sure that £10k as a full and final offer would be acceptable, so if your mind and that of your mother is made up on this then go for it, however I can't help but agree with my friends on here that BR seems a very attractive option.

Ultimately, only you and your mum can decide on which path you go down.

Good luck and regards.