IVA Offer help pls

simpywimpy

Update. DFD have not offered much option other than to agree to the new monthly payment which he has now done. First payment is next month. They have also extended the IVA for another year

He has also asked them to look at his current home which is on mortgage and in negative equity. Because he is paying the IVA and has no disposible income at all now, he cannot do any repairs on the house. The boiler has been condemned and the washing machine has packed up. Ive been doing his washing as he hasnt got the £6 a week spare to go to the launderette.

Is it too late now to offer a settlement amount?

Giggles_Fairy

You really need to get the full information on what has happened so that we can advise on the best course of action.

To change the payments a variation must have taken place. Your friend has to give consent to this and be provided with a copy of the variation report (so you can see what is being said to the creditors) and then a copy of the outcome and any modifications - has DFD provided this? If not request a copy immediately.

Secondly, are the payments of £103 what were put forward by DFD or a modification by the creditors? It may be that they offered payments to date but the creditors looked at your friends income and expenditure and decided that the expenidtures were excessive and cutbacks could be made to afford a £103 payment. Ask for a copy of this income and expenditure showing a £103 disposable income - if you are happy to do posting a copy of it could help us understand the situation and advise further.

Another variation can be put forward at any stage however there are factors to consider - e.g. doing a different variation straight away may not be looked upon as favourable by the creditors, if the original offer was payments to date then the creditors have already said they think he can afford £103 so why would they now accept a settlement.

If you can provide more info as above then we may be able to advise better. You are welcome to PM me if you prefer