The usual method is to offer the remaining payments, plus 12 months if you have equity to address. If you are offering this well in advance of the projected end date you might be able to knock a bit off as both the IP and creditors will be making savings in administration.
The funds should be from a third party and you should make it clear that the money is for the purposes of a F&F only and, if the offer is rejected, the donor will retain the money which will not be available to the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You can offer the amount of the remaining payments but might also go a little lower?
Where is the money coming from? You will need to make sure that your IP knows the money is only available for a full and final and will be withdrawn if offer is not accepted.
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
Also put a few lines in your offer stating that you are under a great deal of stress and that your job is in jeopardy due to cutbacks.
This may also give you further leverage for them to think "**** the iva could fail and we will get nothing, better settle now"
Add up all of your remaining payments and then offer 10% less.
If you've got 3 years to go they will more than likely accept it, mine did#128540;
I wouldn't suggest lying if it's not true. Most companies will accept a full and final - just depends on how much it is and where the money is coming from.
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
As previous posters have suggested, creditors will often accept a reduced offer for payment 'up-front' but it is at their discretion so to a certain extent may depend upon who your creditors are.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
