www.iva.co.uk

As a first timer may i start by saying hello to all. Thanks in advance for the help and support that i have seen so far on the forum.

I have a joint IVA with my wife and are nearly at the end of year 5. Only one more year to go then were done. I was recently told that my contract (RAF) will not be renewed next May and i will be out of a job. We approached our IVA provider Debt Free Direct and offered them £7000. Roughly the amount left between now and when i leave the RAF. My parents have kindly offered to help us out.The hoops we have had to jump through is ridiculous and now we are just waiting for a signature, which we were told could take 4 weeks! The proposal if ready to go it just needs signing!!!

My questions are these.

1. Do you think it is a sound offer. We have been paying approx 870 a month for the last 5 years and the offer would be £7000 of about £12000 we have left to go. The payments after May would be drastically reduced.

2. Why does it take so long for a signature? I dread to think how much we have paid the practitioner in fees and all were asking for is a quick squiggle?

Many thanks

In the circumstances I think this is a good offer, and I've had great success with similar offers in the past.

I'm not sure why it is taking this long, and I'm sure that Declan will be able to shed some light on this matter. However, your creditors will always be given time to vote on the proposal, and this must be at least 4 weeks from the date the variation proposal is sent.

Best of luck.

How much money are you going to be paid by the RAF when you leave? We cannot advise properly without knowing this crucial information.

I won't receive anything from the RAF as i will only have served 9 years. You only get the lump sum after completing 22 years.

Then I think that your suggestion makes a very good offer for creditors, and I hope that you will find a new job soon.

Many Thanks Melanie,

We are both just waiting now for the draft to be signed and sent to our creditors. The suspense is driving us mad!!

Well the draft arrived by post this morning. We'll send it off and hope for the best. The supervisor did put that given the situation it is the best offer for the creditors. Fingers crossed now.