Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

By gregprowt
#198788 Hi,

new on here, read through a few posts and there seems to be some very knowledgable people on here

been in an IVA now for over 3 and 1/2 years, owed approx £70k and pay back £500 every month but am really struggling with the payments and restrictions on my life

question I have is, Is it worth me trying to end my IVA early by borrowing money from family to settle up, what would the offer I make them have to be (bearing in mind they would get another £8k (16 months x £500) back if the IVA runs the full course

would the offer have to be really high???

or am I just dreaming and should forget about the whole idea

any answers appreciated

By plasticdaft
#198813 Is there any equity release clause or was no house involved in your case??

An offer of near the 8k may be acceptable,creditors would be happy to get the money they are due earlier if possible. Best to speak to your IP and ask him what a good settlement figure would be.
By gregprowt
#198865 thanks so much for the reply plasticdaft

no house involved in my case

didnt realise the creditors would be happier getting the money back earlier, if not in their financial interests

will chase that up with my IP

anybody else ever tried this and have any advice

would they take say 5k (which is about what I think I could get, maybe 6k)
User avatar
By spunky_monkey
#198871 i think it's worth a try......

even if the creds turn that 5k offer down, they may say what they would be prepared to accept.

in my case, i was 2 years in to my IVA. i offered £6k which was rejected. the creds said that they would accept £6k along with a further 18 months worth of regular payments. i counter-offered, offering £7k but only 12 months regular payments which they did accept.

the whole process of convening a variation meeting takes between 4-6 weeks, just so you know.