Hi, I am on a redundancy list in work and think I may loose my job before Christmas. I get paid more than market rate at present so would drop about £8k if I found another job.
My sister has said this evening that she would lend me some money to clear my IVA early. I have paid 15 months at £465 a month (I think it's about 45p to the £). How much would be a reasonable figure to end it early so I can give my sister an idea. I was thinking of £17-18k?
I know it would have to go to my IP and creditors but if anyone could give me a rough idea of an acceptable figure I would be most grateful.
If you get your IP to work out a settlement figure for you based on offering the original dividend, that would be a good starting point. Assuming that your IVA was set to run over five years, I would have thought that you are in the right ballpark.
You might also get creditors (through your IP) to accept less than the original proposal on the basis of cash now rather than wait a further 45 months. In my experience a 10% to 15% discount can usually be acceptable. Good luck
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
