Im on a DMP of £60000, if i were to make an offer to clear this before entering an IVA would it work in my favour, i.e. how much would i have to offer for my creditors to accept ? All a bit hypothetical but if anyone has any ideas please let me know as i could possibly go to family for help.
Not sure abou that, but I suggest that you either speak to your DMP company or speak to another IP.
Visit www.iva.com for a list of companies and reviews. Any one of them will be able to advise you.
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
It would depend on what assets you have available in bankruptcy and what your income is. Some creditors may settle quickly whereas others may take longer and seek a higher payout. You would be better to speak to an IP firm for some free advice which could be based on your full circumstances.
It was just a thought, as most IVA research is telling me up to 75% written off. This would mean i only pay £15000 back over 5 years, which left me thinking if i could possibly offer a figure near that i could end it all now.
I am not clear on what you are actually trying to do. You say you are in a DMP with debts of £60k, but may be looking to offer a settlement before entering into an IVA. Do you mean that you would like to offer a settlement now, and if that is not accepted that you will then put forward an IVA offer to creditors?
The magic words as well are *up to*. A lot of people find that they get a lot less written off than that and I imagine that £15000 would probably not be acceptable against a debt of £60,000. Of course that would all depend on your personal circumstances and how much disposable income you have to offer to the creditors.
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
