do you think an offer of 10k would be enough

[james_7]

hi i am almost 3 years into my iva which runs for 5 years and 3 months i have total debt of £48k income £1800 per month i pay iva £343 per month do you think an offer of £10k would be enough to offer to end my iva early and be debt free thankyou for your time james

[neverending]

Hi
I think that you would stand a very good chance.
Your total contribution over 63 months would be £21,600,less Ip fees of 7k[guess],so just over 14k would go to your creditors[33p dividend].
you have paid in 11k so far and if you deduct IP fees of say 5k then you have 6k to go towards the creditors.If you add in your 10k then this would give 16k to your creditors,you would then need to deduct the cost of a variation meeting[1k],leaving 15k for creditors.
The secret is to offer a slightly higher return as a "sweetner" and you are doing this.
I have recently succesfully proposed and had accepted a full and final settlement by my creditors and i offered them an extra 2p in the £ dividend.
Good luck to you.

[MelanieGiles]

Yes I agree.

This seems to be a very sensible offer - but can I enquire where the money is being sourced from. If it is coming from a friend or family member, make sure that your IP is aware that you will be required to repay the "loan" and that this will absorb all of your future disposable income.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[james_7]

hi thankyou all for the information its very helpful and much appreciated. the £10k is coming from my mum for information once again many many thanks james

[james_7]

Hi I wonder if anyone can help, How long before I recieve the funds should I ask my supervisor if the £10 k offer would be enough? Also from time of asking if offer ok how long does it take to sort out the relevant meetings and how long to complete if offer accepted ?
thankyou all james