www.iva.co.uk

Hi we have made an offer to settle our IVA and are now waiting for IP to set up creditors meeting etc. We have been advised to stop making payments for the time being, is this normal? and what happens if the offer is rejected?

I'm not sure about the stopping of payments before the meeting but if rejected your IVA could just continue, however if you've stopped payments then I would guess that would then be in arrears. Might be worth getting that clarified.

We have offered 10k and our payments if we continued would be approx. 14 but it says in our iva that we have to try and release some equity in the property in the last year, our house is shared ownership and it is impossible to get a re-mortgage, believe me we have tried! do you think it is likely that the 10 will be accepted?

I feel so stressed and upset again, I feel like I did at the beginning of the IVA when waiting to see if it was going to be approved, its horrendous!!

When I made my F&F offer, based on payments to date I agreed a "holiday" with GT between making the offer and the variation meeting. If the offer was rejected the missed payments were going to be added to the end of the arrangement.

I guess it makes the maths a littler easier as the figures don't then change once the offer is drafted.

Rather than the risk of having the missed payments tagged on at the end, save them up and, if rejected, pay them back in one lump. If accepted you will have a little sum to play with.

Foggy's solution he had worked with GT seems sensible and therefore if your offer is not accepted there will be no arrears. Good luck with your offer.

Thanks everyone

Sounds like a reasonable offer. ...put it to your IP and see what their advice is.