Length of IVA and early settlement -any ideas?

agincourt

Hello,

I have been in my IVA for four years it was originally set at 60 months.Due to life up and downs i had it extended to 72 months so i could reach the original dividend.Low and behold Within three months of the extension i received a promotion at work and was able to return to making the original monthly payments, but obviously had to stick with the 72 months variation.

When i reach the 60 month i will have paid what was originally agreed (59p in the pound).My brother has offered to give me some money equalling a third of months 60-72's payments to offer as a full and final at 60 months.

Anyone have any ideas of my chances with this.The reason for finishing is to make a start to get my house in order it needs new windows (rotting) and roof and guttering repairs.

If anyone thinks its worth a try, when would be the best time to offer the money please? I hope this makes sense.

Thank you

Charco_2

When is the 60 months up?

Make the offer ASAP but make sure to get everything in order... as i always say on here (and people think i'm mad) the REASON or the STORY can quite often be a clincher!

Your creditors are going to get all the money in 12 months anyway - why should they accept less now!?
Have you any form of a "hard luck" story?
The house repairs won't wait a further 12 months is a start but if you can lay it on thicker then do! Couple? Kids?

Now here's an unfortunate part of this (and will no doubt fuel the fires of the IVA haters):

Your IP is going to earn a further year's supervision fees by having you in the IVA for an extra 12 months... they would probably earn a small variation fee for altering your IVA again but might have to INSIST that they put your offer forward. They might try to brush it off but you can insist. It will take a month or two though. Your IP is going to have to say whether they rewcommend the variation though so you will need a good reason!

agincourt

The 60 months is up in January 2011.Thank you very much for the advice-its a great help.

foreverautumn

Another point your IP cannot refuse to put through any reasonable offer. (Know your rights). Especially as you have now made up your payments at your original dividend. If the repairs are that desperate, you could always ask for it to be finalised on the original dividend now. On the grounds you need to put your neglected home into a fair state of repair. So your roof does not leak. So you and your family do not freeze. Have you any small children, you could say you need to do it for them. But like Charco says get your reasons straight when you ask.

foreverautumn

Do you own your own property? Is there an equity release attatched to your IVA?

agincourt

I have now submitted the offer as advised and the IP has agreed to put it forward because of the desperate repairs and the fact we have made every payment etc. , we have no equity.All my debts are with Max Recovery- Does anyone know what they are like with F+F's please?. I have reached the original dividend but it will be £9,000 down what i would pay for the rest of the year taking the extension into account.

missladyannie

Hi there, I hope your settlement is accepted. I had an IVA and fortunately they took an early settlement as when I was going back to work after maternity leave my nursery costs would eat all my salary! Good luck xxx