Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

By Ican
#472795 Good morning,

I'm new to this forum, hope someone could advice me on settling the IVA early.
Basically, I have 13 months left and currently paying £268 a month, however my income went down significantly and I would only be able to pay around £90 a month. My brother offered to settle my IVA early and pay £3400 which would be close to the amount I would have paid during the rest of 13 months. Is it likely that creditors would accept the offer? Thanks in advance:)
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By JaneClack
#472796 You need to discuss this with your supervisor as at first glance it looks positive but we do not know the terms of your proposal, whether there is an equity clause involved and whether your are able to maintain the monthly surplus. All these would have an impact on any decision as the supervisor would have to put this to the creditors to decide.
By Ican
#472797 Hi,
Thank you for taking time to answer me, I live in a rented accomodation, and it's very unlikely my income will go up in near future.