www.iva.co.uk

Hi. We (me & my wife) are on a Debt Management Plan and have paid back �50,000 of �180,000 so far. Unfortunately, my business is about to fold and I doubt I can make any more payments going forward.

I want to avoid bankruptcy, and so I am seeking funds from family members with a view to making a lump sum / full and final IVA offer. I am wondering what percentage would be sufficient (i.e. how much I need to raise from family members). I have read of some cases where 10% seems to have been accepted, but 25% seems to be more normal.

Anyone any advice / experience? I am very anxious about it all, so would appreciate any advice!

hi and welcome to the forum.

I would suggest that you talk to an Insolvency Practitioner and take case specific advice. www.iva.com lists some compaies and could be a starting point for you.

I'm sure others with experience of Full and final offers will be along soon and I would like to personally wish you all the best in your journey to debt freedom. x

Hi. I've just completed a Full & Final offer successfully on 12/2/14 after only two years in IVA with Grant Thornton.
I contacted Shaun Vickery (one of the experts on here) last Sept and he arranged a secured loan which creditors finally accepted. I don't have exact figures to hand as at work but could let you know the p/£ ratio finally accepted if you'de like to know that ?

It is hard to tell without full knowledge of assets, income and expenditure. We have had cases closed down at pennies in the £ where that is better than bankruptcy. Get some free advice before you look for the money.

Hi Chris.hd and welcome to the forum

There is really no minimum return to creditors, it will come down to the comparison against a bankruptcy.

Seek some advice about your specific circumstances and your options, when you have a plan for the future you will feel so much better

Hi Chris,

You definitely should speak to an IP for some advice for your specific circumstances.

A full and final offer can benefit all parties as creditors get their monies sooner than usual and you get your debts sorted in one go.

If the money can be raised then it certainly sounds like a good option for you.

If the money is genuinely coming from a third party, and you have no assets nor disposable income to offer in your own right, then I would suggest that you keep the offer as low as possible so not to place your funder in a hardship situation, and to ensure that whatever you borrow can eventually be repaid comfortably.

My lowest dividend in an IVA was half a penny in the pound, so this goes to show that anything is potentially possible.