www.iva.co.uk

Hi,

I took out an IVA in August 2006 and so far have made 29 payments of £300.00 totalling £8700.00. The original debt was £37-38K so returning £18K over the 5 Year period.

My question is as I am looking at moving in together with my partner as my parents think it is time I left the house (again lol at 31)and really need to get this IVA concluded sooner rather than later. I was wondering if I offered around the £5-6K mark would this be possibly accepted.

The company I am with is Blair Endersby so not sure what they are like for F & F's

Your replies would be appreciated [:D]

Hi Ray. It seems borderline at £6k as your original dividend was probably around 30p in the £ and depending on what costs are involved the variation would achieve between 22 and 25p. This may be acceptable to creditors as you have no assets and is certainly worth putting forward but I would not like to offer any guarantees. £7,000 would push the dividend up to 25-28p and would be much closer to what was on offer. However, if £5-6k is all that can be afforded creditors may well accept an early settlement.

Speak to your case manager who would be able to give a better idea of what the variation would achieve and I am sure they would be happy to put forward a full and final offer as ultimately the job of the IP is to return money to creditors. A closed full and final is a job well done all around.

Thanks Michael much appreciated

It might be helpful to demonstrate that for personal reasons you can no longer live at your parents house and that your proposed expenditure in the new place will be higher - hence a resultatn drop in your disposable income.

This might make the offer far more acceptable to creditors at a lower sum.

rayb you need to call in to discuss this so that we can assess what to put to creditors. It is impossible to say in generic terms what creditors will accept as it will depend on what is right for your circumstances.

Thank you Melanie and Blair Endersby for responding.

I will get in touch with my IP