Hello I’m looking for some advice. I am 18 months into my Iva now and am hoping to ask a friend to help me make an offer to end the Iva. I’m struggling with cost of living and a lower salary and daren’t asked them to reduce my payment incase they fail my Iva. I am a homeowner but don’t earn enough to consider remortgaging after the fifth year so expect I’ll have my Iva for 6 years.
My question is this, if I have 4.5 years left at £200 so 54 x £200 is £10,800. If I offered them this as a full and final figure do you think it is likely to be accepted? My overall debt was around £28,000 and is now down to £25,000. Please help I am really struggling with all this.
Your IP can reduce your payments by 15% without going to the creditors but if you can make them an offer and explain your reasoning they may accept. I would go in with a slightly lower offer to see if they would accept. Bear in mind also that it will take a couple of months at least to set this up so you can also say that any payments between now and then be taken into account. Make sure your friend is able to lend you the money first.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk