I have a question with regards to a full and final settlement of my iva. My IVA started in April 2009 and was originally due to end in April 2014. This was extended to October 2015 due to missed payments.
My initial payments were £192 per month which went up to £242 after a year.
My figure for the IVA in total over the term is £15750, based on the £242 per month and to date I have paid £7194.
A relative has offered me a settlement figure to repay the loan in January 2013 of £2,500 by which time I will have paid a further £726 making a total of £10,420. This would repay the loan 1 year and 8 months early.
There is little equity in my house and not enough to remortgage.
Do you think this is a reasonable offer to make? Also if the offer is refused do the creditors advise a figure they would settle the debt for?
Also what paperwork would they need from my relative? and do they require any paperwork from me?
Sorry for so many questions, my relative requires the information prior to writing to my IVA company and making the offer.
I look forward to your replies and any assistance will be much appreciated
Assuming that you still have 35 payments to make into the IVA, at £242 per month, this would provide a further £8,470 for your creditors, so unless you are struggling to make the payments at present, I would have to say that I don't think your offer is reasonable.
Are your struggling to make payments right now, given the history of missed payments?
