www.iva.co.uk

I am six months into my IVA paying £90 for 60 months.

Unfortunately I was in a very dark place when I applied for my IVA and was so happy to get creditors off my back I didn’t read the agreement in full.

Now I am 6 months in and I haven’t declared my bonus which is £188 per month (my 10% allowance is £164). I have also borrowed money from family and friends throughout the 6 months which I have also not declared.

I have received a promotion with the first payment made to me on the 27th August 2021. Which is why I read the agreement again as I recalled having to inform of any salary increases. I did email my IP to inform them of a change of circumstances but I am yet to hear back from them.

I am now wanting to make a full and final settlement offered to me as a gift from a family friend but incredibly worried that my offer of £8,000 (original payment plan is £5,400) will be rejected as I haven’t managed to stay in line with the original plan. I am hoping that because I am under a year with them that the extra money I am willing to pay will be taken into account.

Any advise would be greatly appreciated - I am in such a mess and I just want it to be over with. I’m not eating or sleeping and extremely anxious, please, please someone help.

At this point I would not highlight borrowings from friends and family. As regards to the bonus --- you are, what ? £72 in arrears -- more than covered by your F&F offer.

Hopefully your IP will be helpful in sorting this all out for you.

When I put the offer in they would be able to see the money borrowed as it’s gone into my bank, with the offer being so early in my IVA would they want to check my accounts again?

They may, or may not, want to check bank statements. What sort of sums of money are we talking about ?

You have to make sure that you point out that the money is only available for the full and final and will be withdrawn if not accepted. Your friend will have to provide evidence of where this money is coming from (purely to check for money laundering purposes)