www.iva.co.uk

Hi, i am paying £319 per month and 9 months into the iva, an iva total of £19,000 over 5 years for an original debt of 43,000. i currently rent my own home out as lived away, but my tennants are leaving and i need to move back in. There is little equity and an 85% clause on iva. By moving back in, my available income will be £174 less, as ive been living in cheaper rented accomadation, thus impacting my ability to cover the £319 iva. My family want to make a final offer to settle the iva, so that it is possible for me to afford moving back into my home closer to my family. My family have £10,000 to settle the iva, would this be enough?

Hi Scott - that sounds a viable option to put forward to your IP although it does equate to less than the agreed total. You have justifiable reasons as to why there needs to be a variation and what you are offering but the creditors may want nearer the whole amount. If the loan is not on the condition that you use your available DI to pay them back or that is only for sole use of F&F settlement then the creditors may ask for the difference in your DI to still be paid as well - therefore resulting in nearer the original amount.

Discuss with your IP asap and see what they say - let us know how you get on.

Regards,

Hi
I think it is a reasonable offer given your circumstances, chat it through with your IP ASAP
Good luck

Regards

Hi Scott i think its a fair offer giving your circumstances,If you could add 2 or 3 monthly payments it will make it look that bit better.Good Luck.

I'm in a similar boat. My mum is offering a F&F so I can move back home and be closer to my family. My IP isn't terribly sympathetic and wants thefull dividend offered as I am choosing to increase my outgoings. Wishing you better luck and let me know how you get on x

Broke of London wrote:

I'm in a similar boat. My mum is offering a F&F so I can move back home and be closer to my family. My IP isn't terribly sympathetic and wants thefull dividend offered as I am choosing to increase my outgoings. Wishing you better luck and let me know how you get on x

Hi, i think we all have a basic human right to be closer to family. My bank was sympathetic in providing consent to let originallym due to family and now circumstances have changed, i now need to move back. family more important than money and therefore the will is stronger than any financial commitment. your IP should understand that your family commitments will be a stronger pull and may have implications
maybe u could change IP or just go ahead with your commitments regardless
good luck

Unfortunately Scott you are unlikely to be able to change ips as it involves legally transferring the iva and that would be too expensive.