Iva -

owned_by_2_Siamese

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Charco_2

Who is the IP Firm? The point of an IVA is that it ringfences your essential costs from your income so that they are dealt with as a matter of priority and you pay only what you can afford to your remaining unsecured debts. So it's supposed to be affordable... not leave you facing losing your house!

1.When we get the details can we make a full and final offer to settle?
Yes you certainly can. The creditors dont care where the money comes from.

2. if we offer 50% of the outstanding amount what are our chances (and does the IVA allow us to do this?)
Shouldn't be a problem - although 50% would actually be quite generous!

3. if they accept our offer can the IVA be extinguished?
The IVA wont be extinguished. It gets marked off as successfully completed and that's the end of it - but would still show up on his credit file until six years after the START date... obviously this won't matter much as they probably don't intend to be looking for credit anyway!

***That is just to answer your questions here, this case has the potential now to become very complicated. Was there Life Insurance for example? How was the family home set up in the mortgage?***