www.iva.co.uk

Hi,

I have been told by my dad that he is willing to give me £8000 to make a f&f offer to my creditors. Problem is my debts total £23,000. When my IVA was accepted it was at 23%, which with fees works out to about £9000. I have been very succesful with my payments to date, also making considerable extra payments through overtime and shift allowance. My monthly payment is £150, and my additional payments have been anything up to £300, which i would hope my creditors are very happy with. I have payed in £3200 into my IVA since january. My problem is this, If i am doing so well and making large additional payments every month will my creditors accept a f&f offer of £8000?. Or will they look at what they have been getting and hope i can keep up with the good return from my additional payments?, therefore taking a gamble on keeping me in the IVA for the full term?.

You can put the offer to your creditors - no harm in trying, although I would ensure it is written down that the money is only available to you for a F&F offer and if not accepted that you will not be able to make use of it.
I would also be prepared to say why you want to conclude the IVA early - is there particular reason for this - potential redundancy, struggling to live within I&E etc - your creditors may look to see that you are not struggling and that you are paying in extra each month - however they may also want to simply have the money sooner rather than later and agree to the F&F !

Put the F&F proposal to your IP and ask them to arrange a creditors meeting to see if it is approved - you have nothing to loose.

There is no problems making the payments. Also there is no sign of me losing my job in the near future. But for obvious reasons, just like anyone else, if my IVA can be concluded early then it would be the best option for me and my family. In fact with the overtime and shift allowance i am finding it very easy to cope with the payments. I am very lucky to be at a company that has come out of the recession in a very strong position. But like you say, the £8000 is only available if the f&f is accepted. My dad doesn't want to give me the money if i will still be in debt with an IVA. He has made that quite clear to me.

Ask your IP to present the offer to your creditors and see what reaction you get - as I said before no harm in trying.