Full & Final Settlement Of IVA figure

[redmonkey]

Hi all, been in my IVA for 6 months. I'm managing to make monthly payments but without anything left over (yes, i know thats idea!) but i'm feeling completely trapped by it.

I'm 34, single and living with parent, under the IVA i've not really had a life, I just work, sleep and garden when the suns shining. Can't afford to buy anything apart from lifes necessities.
I researched IVAs (must have read every post on this forum!) for many months before applying and knew of the restrictions and
lifestyle I would have but having now experienced it, I do not want to live like this for another 4 & 1/2 years. There is no chance of me moving out, finding another half or advancing career wise in my
current situation.
[I don't feel like i was mis-sold the IVA in anyway, bankruptcy was
probably the option best suited to me but I wouldn't have been able
to set-up my own business so went down the IVA route]

My I&E expenses are at there maximum and I can't increase my income
without further training/education that I can't afford or have time to undertake.
My dream is to setup my own gardening business in the future so bankruptcy isnt an option.
Got a great family and huge amount of great friends so don't want
to run off to the other side of the world, would be nice for a couple of weeks tho

I've therefore decided to try and end the IVA early with a full and
final settlement, the payment would 'hopefully' come from a family member (The lower the figure the more likely the family member is to do this for me).

I've requested a figure from my IP and it would be just under £19000
to settle in full.
My IP has made me aware that a reduced offer may be accepted but would not offer a rough figure of how low this could be.

Which is where hopefully you wonderful people come in, can anyone
advise me what is the lowest offer they think I could have accepted is?

Total Debts: £33000
HSBC £20000
Halifax £2000
GE £3000
Egg £8000

Fees: £6998

Dividend: 40p/£
Monthly payment: £340 per month (£20400 total)
I have made 6 payments of £340 to date

Always grateful for the advice i've recieved on the forum but especially so on this one, happy to give any more info or answer
any questions as always.

Thanks in anticipation, Lee.

[maxdebt]

Your creditors are expecting to receive £13200 (40% of £33000). IP fees continue to baffle me ( not difficult) it seems logical that if you are going to offer your creditors less than the original agreed amount then the chances of them agreeing would become less the more you reduce that figure. HSBC in particular are well known as having that 40p in the pound barrier. But saying that creditors are more inclined to agree to receive definite money now. It looks like your IP has not reduced their fees by very much perhaps because of the expense of organising a F&F?

[Viki.W]

Hey redmonkey. Hopefully the experts will be along shortly to advise you as I don't really understand how to calculate full and finals. How much do you think that your family member will be willing to lend? Viki X

[MelanieGiles]

I would have thought a figure of about £17,000 would be sufficient, but you need to get your IP to calculate a figure for you based upon offering the same dividend return that was originally offered.

[redmonkey]

Thanks for the advice. I'm sure they'd accept Melanie's figure
of £17000. The IP said I should propose an actual offer and they
would then do their calcs and tell me whether it was enough to put
forward.

I suppose it comes down to HSBC in the end, the IP will obviously
want fees for this 1st year and for the F&F. I've read several
posts from people who have successfully completed F&F's with HSBC as a creditor on the forum and some seem to have done so with less than
HSBC's 40p minimum dividend so I may as well try myself. Need to speak the family member but can't see them going above £15000 which
will probably be the first offer.

I'll let everyone know the offer and the outcome as soon as I know
as i'm sure it would be helpful. Will be nice to provide some
information for a change

Thanks, Lee.