My daughter and son.in.law are in an iva, my son.in.laws parents have offered them some money (to be repayed) to pay off a lump sum to creditors through the iva, is there any advantage to doing this and will it help to rebuild my credit more quickly?
There is no advantage unless it acts as a full and final offer leading to the early completion of the iva.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
The advantages are that they can get on with their lives, without having to account to the IP for every penny, if they get any inheritance, lottery win, overtime, bonus at work, it will be theirs.
Credit rating will be damaged for the full six years.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Pete -- the amount used to make a full and final offer is usually what the creditors would be getting under the terms of the IVA in any event -- just earlier.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
To pay it off earlier in my opinion takes the pressure from you. I'm sure they won't be as strict as an IP and if you were to earn more from overtime or the like you won't have to declare it to them unless you choose too.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Lyn They can also offer less than what would be repaid if the IVA was to continue to completion as there should be a saving on administration costs, plus creditors might be happy to get it done and dusted earlier in exchange for a slightly lower divided. Do you know what sort of figures are involved?
