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Paying off stepdaughters IVA
man5
Posts: 22 Forumite
My wife wants to settle my stepdaughters IVA which the daughter has been paying off monthly for the last two years.
It is proposed we will offer £5000 to settle the debt.
Has anyone done this sort of thing or can give advice please.
It is proposed we will offer £5000 to settle the debt.
Has anyone done this sort of thing or can give advice please.
0
Comments
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My wife wants to settle my stepdaughters IVA which the daughter has been paying off monthly for the last two years.
It is proposed we will offer £5000 to settle the debt.
Has anyone done this sort of thing or can give advice please.
Hi,
Depends on how much the original debt was for, the offer should be made to her IP in writing, the IP will then call a meeting of creditors to discuss the proposal, if more than 75% of creditors by volume of debt, agree, then the variation will be passed, its called a lump sum IVA, you must make sure the offer is realistic before you make it, as I said, it depends how much return the creditors will get from the lump sum, as opposed to the IVA running its course.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
let her pay her own debt if you want her to understand the value of money and the pitfalls of easy credit0
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Have to say, I agree with "Deleted User".
If you clear the debt for her, there's no reason for her not to run up debt again.0
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