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iva advice please
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hi all!!
my mum and dad got an iva last september. there agreed monthly installment is £270 a month for 5 years then £270 a month for the final year to the company Grant thorton for the fee.
My dad is due to retire on 30 april. he is getting around £15000 but he wants to clear his secured loan which is £361 per month. he will then have a private pension and a state pension of around £150 per week. here are my questions
1. will he be allowed to pay the £15000 of his secured loan or will it have to go of his iva (if this is the case they will have to declare bankrupt).
2. The leading creditor is House hold bank. will the iva payment be able to be reduced. (even £30 per month would be a big help)
my mum and dad got an iva last september. there agreed monthly installment is £270 a month for 5 years then £270 a month for the final year to the company Grant thorton for the fee.
My dad is due to retire on 30 april. he is getting around £15000 but he wants to clear his secured loan which is £361 per month. he will then have a private pension and a state pension of around £150 per week. here are my questions
1. will he be allowed to pay the £15000 of his secured loan or will it have to go of his iva (if this is the case they will have to declare bankrupt).
2. The leading creditor is House hold bank. will the iva payment be able to be reduced. (even £30 per month would be a big help)
0
Comments
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I don't know the answers but in my IVA, there was a clause saying that any 'windfall' over £500 had to be declared. It might be worth checking his paperwork to see if that clause is in there as a start.0
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