IVA query

bobby_x

Hi everyone,
I've got debts of about £22,000 (all "non priority") and have been getting some help from the Citizens Advice Bureau about what is best to do. I had a meeting with them and a Financial advisor from a company called Grant Thornton the other day and it was suggested that if i could somehow raise between £6000 to £8000 this could be offered to my creditors as an IVA full and final settlement which would then put an end to the matter as far as any money being owed.
Has anybody else any experience of using this method?

UpToMyNeckInIt

Have heard of it. Often referred to as a 'full & final IVA'.

If you have a generous friend or family member who can help you out, it is a good way of getting rid of your debts, and (presumably) keeping your name off the insolvency register.

Otherwise, could you not do a conventional 5-Year IVA at £100pcm?

Alternatively, dependent upon what assets you have, might bankruptcy be an option?

Best of luck.

z1a

I did exactly that with GT in 2005 - I owed £80 400, remortgaged giving me a balance of £33 000ish, GT took £4500 leaving £28 600 to creditors (39.7%) all accepted apart from MBNA card (£6 000), so only about 8% of vote, and they got nothing.
Best thing I ever did, all done and dusted and completion certificate within about 16 months.
GOOD LUCK.