EARLY SETTLEMENT

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rayb

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Post by rayb » Wed Dec 12, 2007 11:18 am
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Hi,

I have an IVA originally paying £300.00 per month over 5 years totalling £18K (Original debt was 37K)

I would like to consider paying this off and so far have paid 16 months off (£300 x 12, £330 x 2, £368 x 2 totalling £4996.00)

This leaves me with around £13K to pay back. Could I make a realistic offer of £10K to pay this off??

Thanks
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Adam Davies

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Post by Adam Davies » Wed Dec 12, 2007 9:16 pm
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Hi
Yes this seems a fair offer.
I presume that you have no fourth year equity clause ?
Your creditore expect a return of 18k less fees,guessing at 5k,so you will need to provide 13k plus IP fees to date less payments made,this should be around 11k.
Ask your IP for a suggested figure

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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rayb

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Post by rayb » Thu Dec 13, 2007 11:48 am
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Thanks much appreciated.

I do not own my own property so no 4th year release applicable
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