Full and final offer

[clare357]

Hi, I started my IVA in Jan 2020, I'm in my IVA for six years.

I started out paying £96 a month then a few months ago got a pay rise and it went to £169.
Also it says on my paperwork the total I owe them back is just over £8k does this still stand or just that automatically change cause of my payrise?
They added the last year cause I have a car on finance and it ends 2024 so they added the payment for that to my IVA.
I want to make a full and final offer as my dad is willing to pay but I'm not sure what a good offer would be could anyone give me some advice please?

I have 26 payments of £169 to pay and 18 payments of £344

[luluj]

Hi ..you will always owe your full original debt during your iva plus IP fees abd pissible statutory interest. If your income has increased and ability to pay more in has occurred you will be expected to pay more. The 8k would have been a minimum figure.

An offer should be based on payments left to make so in your case

26 x £169 = £4394
18 x £344 = £6192

Total left to pay by end of IVA = £10586

As you are looking to offer almost 3 years earlier than planned you could try a reduced offer. My gut feeling though it would need yo be around £9000 to stand a chance. This would allow for continued payments until it was approved and a reduction for admin fees.

I would make it clear that the money is only available to you for the purpose of a full and final offer and if not accepted you will not have access to it.

Let us know how you get on.

[Foggy]

I cannot add much more to the advice Luluj has offered, except to say that your particular IVA provider will likely push for your offer to be nearer the £10.5k. Whereas it is not their offer to make a lot of emphasis will be placed, by creditors, on their recommendation and they, as a company, are very fee-oriented --- the bigger the offer, the bigger their fee. That said, their attitudes to seem to be improving recently.

Best of luck.