www.iva.co.uk

Hi

In October we will have completed 3 yrs of our joint IVA agreement. I am facing redundancy and this will definately happen before the end of this year, I am struggling to get another role that will allow us to continue with our agreement. My father has offered to help but we have no idea how to calculate a f & f offer, we have an equity release clause at yr 4 but this will not materialise as we will not be able to get an increased mortgage. Do we work out the total of 2yrs or 3yrs of payments as a proposal and how much should we reduce for fees if this is accepted early?

Talk to your Ip over what creditors would realistically expect. If a redundancy is looming then creditors may well accept less than is owed just to wrap the whole thing up.

Paul

A good basis would be to value the current equity in your property, and equate this to what you would be required to pay under the terms of the IVA - together with a sum equivalent to the remaining IVA contributions.

Lower offers can also be considered, but I woudl advise you to make the best offer possible to ensure success.

Sorry to hear about your job - and I hope that if redundancy does ensue that it won't be too long before you get back into work again. Best of luck with it all.

thanks both, i'll do the sums and try and work it out and then see what the max is that my dad would give to us, having got so far i don't want this to fail now.