www.iva.co.uk

Hi there, if I family member wanted to take out a loan in their name to offer and full and final payment on my IVA would this be accepted ? I would not be paying the family
Member back it would be a gift from them, my brother has said he would happily get a loan out and pay off my IVA for me , which comes to my next question I currently have 44 payments of £249 left to make (I am not a home owner) this equals £10,955 what would a reasonable off be if my brother paid it, I was hoping near around the £7500/£8000 mark.

I know they like to check
The third party’s source of money so I was worried would it being a loan be a problem .
Many thanks

I don't think it's a problem if your brother wants to take out a loan and it's very kind of him.

I'd go for the lower figure personally.

I have seen F&F offers funded by a family members loan before and they have been accepted --- as with any offer, it depends on your make up of creditors and who bothers to actually vote.

As for the amount to offer --- you would be saving them over 3 and a half years (creditors don't like to be in IVAs either) so I would think something in the order of £8k would be looked at seriously.