www.iva.co.uk

Hi, I am currently in a 60 month IVA, have paid two years of £283 monthly instalments and then had maternity leave so have not paid for 6 months. I am looking at going back to work part time 3 days a week as i have family who can do the childcare for the3ese 3 days only otherwise with costs etc not worth going back full time. This means i will have a significantly reduced income. My partner has offered me £5000 and i should be able to make 4 more repayments of the £283 bringing this to £6100. I have £10,500 left to pay over 3 years, do you think that £6100 would likely to be accepted as lump sum settlement in light of my circumstances changing? My provider has just said i need to offer as close to £10,500 as possible so will £6100 just be laughed at? Many Thanks

Hi Sarah, a lot will depend on how your IP presents the offer to the creditors, but I have seen lesser offers accepted ( and, I am afraid, larger ones refused). You can only put forward your best offer, so it's worth a try.

Thanks, can my IP refuse to put an offer to my creditors as they will not benefit as much?

At the end of the day it is your offer and your IP is obliged to put it forward. However, you should be guided by his advice as he has more knowledge of the mood of the creditors. Depending upon his or her degree of professionalism will, of course, flavour the vigour with which they put an offer forward.

Yes, they will not get as much, but, then, they will not be doing as much work either. And I doubt reputable companies are short of potential clients these days.

All they can say is no.[;)]

They cannot refuse to put your offer forward; but it is worth heeding their advice as they often have a good idea about how creditors vote.

Congrats on the baby xx

If youy can demonstrate the significant reduction in your income, which in turn will result in reduced disposable income, then the £5,000 offer may well seem attractive to creditors. Your IP ought to be able to assist with this process.