Settle without an IVA

Drum_Master

Hi,

Could anybody offer me advice or has anybody had experience of settling debt with companies without seeking an IVA or other solution.

I am currently in a situation where I require an IVA. I ow roughly 30k and on an IVA this would be repaid at about 10-12k.

I have been offered money from a 3rd party to pay off my debts but they could only give about 12-14k and has stated that this would only be released if I could clear all of the debt. I am aware that if I choose the IVA it would roughly relate to 30p in the pound from which I could offer a final settlement from the start (whether this would be accepted I do not know) but this would still leave an IVA on my credit report for 6 years.

If I approach the companies myself and offer a settlement explaining my situation and that I could possibly offer more now than they would receieve from the IVA, what are the chances they would take up this offer and how do I pursue this avenue?

I am also in a situation where I may not have a job past January 31st so would they take this into account (should I mention this) as bankrupcy would mean they recieve no money back.

Any advice regarding this situation would be greatly recieved.

Kindest regards

Azulay111

wba31

azulay111 wrote: »

Hi,

Could anybody offer me advice or has anybody had experience of settling debt with companies without seeking an IVA or other solution.

I am currently in a situation where I require an IVA. I ow roughly 30k and on an IVA this would be repaid at about 10-12k.

I have been offered money from a 3rd party to pay off my debts but they could only give about 12-14k and has stated that this would only be released if I could clear all of the debt. I am aware that if I choose the IVA it would roughly relate to 30p in the pound from which I could offer a final settlement from the start (whether this would be accepted I do not know) but this would still leave an IVA on my credit report for 6 years.

If I approach the companies myself and offer a settlement explaining my situation and that I could possibly offer more now than they would receieve from the IVA, what are the chances they would take up this offer and how do I pursue this avenue?

I am also in a situation where I may not have a job past January 31st so would they take this into account (should I mention this) as bankrupcy would mean they recieve no money back.

Any advice regarding this situation would be greatly recieved.

Kindest regards

Azulay111

If you make partial settlement offers and they all accept, then these would show on your credit report for 6 years also?

Drum_Master

Hi WBA,

I am unsure if this would be the case but it would be a better reflextion than having an IVA as this would hamper my chances (more importantly my partners chances) of obtaining a mortgage in the future.

Any further feedback would be appreciated.