Hi . Im 13 months into my iva and finally confessed to my parents the mess im in and they have offered to do a full and final for me by taking out a loan that they will be paying back . Ive worked out that if the iva were to continue id still have about 7800 to pay in .do my parent offer this amount strait off ? Thanks .
Do you have equity to be addressed ? If so you might have to add 12 payments.
If not, with £7800 left to pay in, in regular payments remaining --- considering that the creditors will be saving a chunk in admin costs over the nest few years, I would say an offer in the region of £6,500 would be looked at favourably. As I have said before -- I have seen very low offers accepted as well as very generous ones refused, so it is always a bit of a gamble. The full £7,800 would, of course, have a better chance ( still no guarantee).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
