Full and final offer on my IVA

[Katie0285]

Hello.
I have been in IVA since December 2018. Right now I am considering to ask my IP for early settlement. My monthly payment is going to be increased from October this year from £100 to£164.50 and I have still have 51 months left. How much should I offer to my creditors to be sure that my offer will be accepted.

Thank you
Katie

[Foggy]

First -- do not use the term 'settlement' -- that means paying the full original debt, plus fees and possible statutory interest. What you need to do is make a 'Full and Final Offer'.

Your creditors are expecting to be getting £164.50 x 51 (assuming you do not own your property) ... so ... £8389.50.Bearing in mind that you will be saving them a bit in admin and messing about over the next 4 years or so ( but remembering that the F&F meeting will cost them up to £500 ) I would have gone in with an offer around £7,000. I have seen smaller offers accepted, as well as more generous ones refused -- it will be in the lap of the gods.
Might I ask where the funds for this offer are coming from ?

[Katie0285]

Thank you for your quick answer Foggy.
This money will be from my partner's brother who is happy to help me with this situation.

[Lisa Thomas]

Have a quick look at my short video here on F&F's.

https://youtu.be/h4dozq9aGak

Good luck.