A question about : full and final IVA OR F&F settlement
Hi everyone
I hope someone will help, I got about 25k of debts that i stopped paying few months ago due to redundancy. I have used my CC while out of work and tuck my head in the sand. now i want to sort it out and spoke to cccs and payplan, a relative wants to help with 10k and they both said bankruptcy but i have refused due to the nature of the jobs i do even-tho im out of work now. so payplan offered a F&F IVA and CCCS offered F&F settlement. I had a nervous breakdown and i don't think i can deal with the creditors at the moment. payplan insisted that with the 10k they can clear my debts and CCCS said that i can approach creditors by myself and just make offers to them.
To be honest I am looking for the easy and quick option before my relative changes her mind (back coz i will have to pay the 10k anyway and i am not really bothered about credit reference dont want credit anymore, she wants to see all the documents and that i will defenitly clear my debts not just part of it.
PAYPLAN said i don't need to attend court for an IVA so how is it legal then is the judge /official receiver involved in the IVA or a ?
Many thanks
HOW does the IVA works ? is it like BR where u get the official receiver and that ? bearing in mind i got no assets what so ever.
Best answers:
- Anzone please?
- Neither an IVA nor BR are 'quick and easy solutions', they are really the last resort. Usually you can only enter into an IVA if you have a regular income and can afford to pay at least Ј200/mth to your creditors - a lot more in many cases. With an IVA some of your money will go towards paying the fees of an Insolvency Practitioner and you'll have to keep up the agreed payments for 5 years. You need to research all the future implications as well, this is not a decision to be taken lightly.
- As Isaid i want to offer a lump sumthats what pay plan suggested (f and f IVA) or f and f settelment...... Not planning to go br and a 5 year iva is not for me.
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