www.iva.co.uk

With partner becoming self employed and chances of his health detoriating possibly in next 5 years.

Before he enters into a IVA, would it be feasible to right himself to all creditors offering a full and final payment to settle debts.

The reason i ask this is been speaking to his father today, who said he would possibly raise some capital. Ita a maybe at MOment

If he approached this himself instead of starting with a IVA, would the creditors just disgreard this offer, with not coming through a IP.

Just thought creditors would get possibly more if no IP fees to pay over a 5 year period.

Probably a crazy idea but just a thought, trying to approach all angles[?]

HI
It's not a crazy idea and can be done.
How many different creditors is there ?
If it is only a handful then you may well be able to negotiate directly.If you have quite a few[more than five ?]then it will probably be better to go via an IP with a full and final IVA.The plus side of this is that the creditors have to make a decision on a specific day,youonly need 75% yes vote by debt owed who vote on the day and your IP will be able to put accross your husbands health problems.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

I think there 5 crdifferent creditors in total but a loan and credit carsd with same company.

What sort of settlement figure would be appropriate, if father in laws agrees he reckons he could raise some where in the region of 15-20 k.

37k or something in that region.

£10k each on 2 loans left repayment to go another 4 years, was orrignally over 7 years

a shocking 16k on credit cards[:0]

Meant to say around 37k owing in total

That's not shocking

We managed 70k on credit cards, more shocking that we had the credit limits to do that in the first place!

We looked at doing a F+F without an IP ourselves but were put off by risks of creditors changing their mind after they'd agreed to something etc and the sheer logistics of managing an agreement between all of them

The problem with trying to broker a deal yourselvess, is that you will probably find it difficult to find a decision maker within the banks to actually agree to your offer. But on the upside it will cost you nothing to try, apart from the ongoing interest which will continue to accrue until a deal is done.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

I know its so easy to get in debt, but for me if it shocking that lenders can lend so much,

Even now he is still getting credit limits increased new offers from other people.

I read stories on here and it frightens me. Some of his credit cards have limits of 15k each, its unreal

It was just a thought without going down IP charge route, as believe deep down a IVa might not be suitable as its for a period of 5 years and if to be honest i really cant see him doing his job past year 3.

Just an idea that this offer would be good all round.

Mine you creditors might think hes cheeky writing to them without an IP

Thanks Melanie, for input suppose its sometimes best left to the professional, it was just an idea that came into my head, when his father said he might be willing to raise some capital for him.

Dont even know if it would be enough anyway to get thenm interested in a full and final payment

I would certainly not discourage you from trying!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

thanks melanie

just trying to find possible outcomes.

if i personally failed with creditors would that then hinder me with steps of an iva

Not at all - and in a funny sort of way it would emphasise the point that an IVA is a sensible option.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

my concern is with the chances of him still working self employed within next 4 years is a concern for me, due to his health,.

can ivas be for a full and final settlement from beginning.

just think its silly to agree to something initially and in back of mine know a couple of years down line its nots possible to carry on with.

after a permanent solution not temporary

Yes - you can make a full and final settlement based IVA if you have funds available to do so. I do lots of these types of arrangement.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp