Hi!
My husband and I took out an IVA in June 2019.
We currently pay £185 per month and have 27 months left to pay (total £4995)
The “value” of our IVA is just under £62k were we to pay it back in full plus admin fees.
A family member has offered to pay £5000 as a full settlement for us as we are beginning to struggle to make the payments due to a huge rise in our living costs.
Is this enough to possibly get a settlement? Is there anything we can do to increase the chance it will be accepted?
Thank you for any advice!
Hi,
OK ... a "settlement" would involve the £62K figure. What you want is to make a "Full & Final Offer", which is based on remaining payments. In your case this is the nearly £5k you have mentioned, assuming you are not home owners, in which case you need to factor in another 12 payments in lieu of equity release.
A full and final basically gives the creditors what they signed up for, only earlier, and, more often than not, are accepted. Citing the possibility that the IVA will become untenable due to these impending massive rises in expenses will help.
Best of luck.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
