Hi I have been paying into my IVA for 26 months now I pay £405 per month.If I wanted to make a full and final payment to finish it early how much do you think a reasonable offer from me would be needed for it to be accepted.
I have 34 months remaining and have to pay £1500 equity from my house in the 4th year.
My parents have offered me some money to pay it off but I do not want to take it if it will not end the IVA.
I know all circumstances are different but I am just after a ball park figure of what would be reasonably required for acceptance from my creditors. Also with the banking sector so bad at the moment I thought they may want to recoup some of their losses quickly rather tan waiting.
You will need to be offering as close to the original dividend you promised when the IVA was started.
You will also need valid reasons for wishing to end early and you will need proof that the money is available. Make sure you state that the money will only be available IF the F&F is accepted.
Get your IP to work out a settlement figure for you based on the original dividend pledged, to give you some idea of the ballpark creditors may be willing to accept. It will also depend upon how much money your parents are prepared to lend you as well.
