IVA Help, PLEASE

[GASS]

Hi all,I have been in an IVA since end of 2008 and this in effect will be my last year finishing Sept 2014. Problem is whilst the payments have been low they have just jumped from £150 to £371 per month, we are really going to struggle with this and I have advised them so.I have been offered by a 3rd party money to pay this off £8000, we want to do this and I have spoken to case handler and he suggested a figure that the creditors may accept as£6697. I have been told to put it all in writing as to why we think the creditors should accept the £8K as full and final settlement. Obviously i have not got any equity in the house, plus the Building society will not remortgage for us anyway. (so was going to get letter to that effect to back up the reasons)Plus, my health - I have been struggling with depression and now high blood pressure for the past2 - 3 years and a lot of it is worry and stress around our finances. I want to get my GP on board to back up the letter - what do people think to that?I don't want the IVA to fail and if we are forced to make the payments at £371 a month this will eventually happen. The case handler did tell me that we could apply for a review in terms and justify that we cannot afford the monthly amount and if we do this the term may be spread over another 12 months and to be honest I don't think I can cope with that. I feel very much at breaking point now.So what I need from you all is some guidance on a letter to write to the IVA company, some good solid reasons to accept the full and final settlement. Ideally I want to send it this week.Many thanks in advance

[GASS]

Any one?????

[Wintry]

Hi

 

Its a difficult one especially as you have an IP who is basically handling your debts and knows your circumstances and you would think is much better placed to advise.

 

IPs have to be seen to be acting in the bests interests of both parties (you and the creditors) so it is a tricky one so to speak and they do get paid fees out of your IVA which again is a little of a catch 22 situation if you get my drift.

 

What are the reasons why your IVA handler believes that the offer of £6697 would be accepted by your creditors?

 

What was your total debts before entering the IVA?

 

How many actual monthly payments of £371 are left in the IVA?

 

Why the steep increase in the monthly payments and is there any chance of a reduction?

 

Just an example calculation - 20 x 371 = 7420

 

You have put that the third party have offered £8000

Edited February 4, 2013 by Wintry