www.iva.co.uk

Hello,

I am 29 months into my 5 year IVA. My parents have offered give me the rest of the money to pay my IVA off. I pay £160 per month and have been for 29 months. The total I owe to my IVA after 5 year is £9600.

I have paid £4640 as of today. So I have £4960 left to pay.

My parents have said they would be happy to offer £3500. Does that sound like a reasonable offer? Or should I offer more? I think £4000 would be the most they could offer.

Any advice would be great, thank you.

Your offer seems very reasonable and in the unlikely event it is rejected you could increase the amount. I would try the £3,500 and good luck.

Thank you Michael. I think I will just have to go with it and hope for the best.

I have read somewhere that these companies charge for the variation meetings. Is that correct?

....and, by the time it all goes through, you will have paid another couple of months, so the offer will be all the nearer to "target".

That's what I was thinking... thanks for confirming this for me Foggy

There is normally a fee of about £300 for the variation but this is deducted from the pot. You should not be expected to pay up front.

Ah brilliant, thank you.

I was told that a letter from my parents needs to be drafted detailing how much they are offering and that the money is a gift and will be withdrawn if the offer is not excepted.
Shall I also write a letter explaining my reasons for wanting to settle early?
Not that I have a reaon really... other than the obvious. But there was talk of redundancies a few months back at work and since moving back home my parents have realised how stressful my IVA is to me, hence their offer...

Hi Butterfly - unless they ask for it then I wouldn't send a letter saying why you want to finish early, just send the one off from your parents.

Sounds like a good offer to me as well.

It would do no harm to mention the threat of redundancies. You could then look for other less paid but more secure work if you are no longer in the IVA.