www.iva.co.uk

Is it possible to negoitate a settlement with creditors when in a IVA?

Dear Howard.ssxx

Depending on your circumstances and where the funds are coming from, you may be able to ask your IP to call a variation meeting to offer your creditors a full and final lump sum settlement.

I hope this helps.

It is entirely possible to negotiate an early settlement with creditors whilst you are in an IVA - so long as you are making a genuine offer and not trying to just avoid paying the debts. This works well if you have the benefit of third party funding from friends or family, or you sell an asset which was specifically excluded from your IVA - such as your property.

Are you in a current IVA, Howard, and thinking about making an offer?

Hi Melanie I am in an IVA this is the start of my 3rd year and just wondered If I was offered help from freinds etc the best approach.

Hi Mark

If you are able to get a lump sum from friends and family that is great and you should contact your IP and ask for a variation meet to be held with your creditors and offer an amount for full and final settlement of your IVA.

Regards

You should try and get as close to your original dividend as you can.

how do you work out the dividend p to £. Mine is 50.4 on £13,100 to pay back including release of equity and IP fees, at £150pcm. thanks

Do you mean that your dividend is 50.4p in the £ mum of three? There should have been a detailed illustration in your IVA proposal which you would have been expected to sign showing how they made up the figures. Do you recall seeing this?