Some IVA advice please. can anyone help ??

starlady666

Hello my husband and my self are in year 4 of our iva, it is being extended by an extra 6 months due to the fact that my husband lost a few months of work due to a back injury so the iva is now due to finish in aug 2015 for us both. My husband has recently been told that he has to now have an operation on his back it is a major operation and he will be off work for around 5 to 7 months in recovery following it, he keeps puttting the operation on hold due to not being paid sick pay in work but is in agony with it , and its so horrible seeing him suffer with it but we really dont want the iva to fail due to it being so close to the end and with us having to miss out on all those possible paymentsI was very upset the other day about it all and finally opened up to my dad about the whole iva as up to now we had not told any one about us being in one ..he has very kindly offered to loan us some money to pay into the iva to end it early so that my husband can go ahead with the operation he says he can loan us £4,000 at present we pay £350 a month between us and have 15 more payments to go ...i was just wondering do you think this amount would be excepted as a final offer to end the iva early . I would welcome any advice that any of you can offer thaks in advance

Anaheim

Hi Starlady
Have you approached your supervisor to see if they would accept payments to date as a full and final offer due to health reasons before offering the money that your dad is lending you. It seems unfair that your husband is suffering in order to meet the IVA payments. Usually the starting figure is the amount of months left x monthly payments and would require a letter from your father stating that the money is to close the IVA and not additional monies to go into the iva pot. But 4K with just over 5k payments left to run seems reasonable. I have seen posters on other forums had offers like this accepted. Good luck!

Anondebtadvisor

I am sure if you approach your IP they will understand and put a final offer to creditors on your behalf - your husband should not be suffering to fullfill his IVA, your offer sounds a good one

sourcrates

Anaheim wrote: »

Hi Starlady
Have you approached your supervisor to see if they would accept payments to date as a full and final offer due to health reasons before offering the money that your dad is lending you. It seems unfair that your husband is suffering in order to meet the IVA payments. Usually the starting figure is the amount of months left x monthly payments and would require a letter from your father stating that the money is to close the IVA and not additional monies to go into the iva pot. But 4K with just over 5k payments left to run seems reasonable. I have seen posters on other forums had offers like this accepted. Good luck!

This is excellent advice, although at first I would not mention the £4000, your creditors are only interested in return, if you approach your IP, explain the situation, he can call a meeting of creditors to vote on weather they would accept payments to date in full and final settlement, due to your husbands back condition, they will look at it from a purely monitory point of view, see if this will work for you first, and if not, you will have the £4000 as a back up plan, which you could then offer, as a full and final, don't put all your eggs in one basket, I had my payments to date accepted as full and final because of a decrease in income, after my IVA had already been extended.

longtermplanner

I agree with sourcrates - try first for making your IVA complete now on the grounds of ill health. Get letters from doctor / hospital appointments re operation to back this up.

If this fails, then they would almost certainly settle for 4k unless there is equity in your house which you may have to release?