Hiya , we are about to enter our sixth year or our iva as they have forcerd us to pay an extra year. We have been told that a third party can make an offer to finish the agreement, we owe around £6000 for our final year and we were wondering how much should a third party relistically offer? Grant Thornton who we are with are very unhelpful on this matter so we would be more than grateful if you could shine some light on this and the procedure we need to follow .yours thankfully Russell.
Last edited by Russell.dj on Thu Jan 02, 2014 1:41 pm, edited 1 time in total.
Hi Russell. I have removed your surname from the post to preserve your anonimity.
Usually a F&F should be based upon the months remaining x the monthly amount. GT will not suggest figures as it is down to you to put forward the best offer you can make.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
hi thankyou for your reply,the reason we are paying a 6th is that our income was reduced quiet alot soon after atarting our iva because our eldest left home , my dad is considering making a offer to finish the iva but we have no idea of what type of offer to make or the procedure we have to follow as grant thornton are not the most helpful of companys , we were originally with a company called tenon who were very helpful,the amount we will owe come the final 12 month is approx £5700 depending on the yearly review.
Hi Russell. Assuming you have no equity to address ( and you are in rented property) the offer will need to be as close to the £5700 as possible. If there is equity to be investigated ( i.e you own your home) this will need to be checked and factored in to any offer (possibly by adding 12 months again).
To be frank -- if you have only the 12 months remaining there is little to be gained ( except maybe peace of mind) from making any settlement. By the time the offer is put through you will be about three months further down the line, so will only be saving 9 months "time served" ... your credit files will not clear any sooner.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree - unless there are compelling reasons for wanting to get the IVAs closed now, I would probably suggest you just let them run out.
Given that you are with GT, it might be worth having a word with them to see if your case is on target to close at the appropriate time. No harm in looking at this in advance, as there may be outstanding issues - such as a PPI investigation - which is better started out now.
