Making offer to finish IVA early

[dragoness]

Hi All. We are just over half way through our IVA and my husband is being made redundant at end of Oct. He was given option of compulsory (a 50/50 chance between 2 people)at basic package or volunteer and get a lot more money. We are pretty sure it would have been him because as from the next day he is changing his gender permanently - as he is transgengered. He told the company some while ago. Anyway he therefore decided to volunteer. We have been told we can make an offer to the creditors to try to finish the IVa. But they will not guide us as to how much to offer. We have worked out that if we offer to cover all the remaining payments for the 5 yrs it would only give us a 6 months money for him/then her to find another job (which is likely to be difficult in the current climate and being trans). Also there is a provision in the IVA to raise another £15,000 in the 4th yr to. Can anyone give us advice as to whether the creditor offer would be reasonable if we offfered slightly less than the remaining payments and we would not be able to cover the extra £15,000 either? Thankyou.

[plasticdaft]

Why wont your IP guide you in what may be acceptable? What company are you using?

Paul

[Michael Peoples]

You should get an up to date valuation and mortgage redemption statement to show your IP how much equity there is in your property. If there is little or no equity your offer seems reasonable and worth proposing.

[MelanieGiles]

The redundancy money is a windfall in the IVA, so I doubt you would be able to retain more than 6 months salary equivalent.

[dragoness]

Thank you for the replies. I wasn't basing the amount for retention on the salary equivalent, it was only about half the monthly salary, as I had based it on not having to pay the IVA and also our car loan from father in law. We have to pay this back to him as he is 80, in ill health and has no insurance on the loan he took out on our behalf. The car was a requirement of my husbands job as they paid him a car allowance for him to provide one. This would reduce our outgoings considerably, but i would imagine its quite possible that the creditors would want to take the car as well.

[MelanieGiles]

Doubt it - you need a car to get to and from work, and for your hubby to look for repalacement work.

[dragoness]

Thank you. You are a lot more helpfull than DFD. I do wish we had known about you before we went through DFD.Thank you also to Michael Peoples. I will get a valuation of the house and up to date mortage figures.

[MelanieGiles]

That is very kind of you to say so Dragoness, and I will help you as much as I can on the forum.