Payplan IVA Settlement

[chrisjx]

Hi,

I have been in my IVA for one year now with five more years until it has finished.

My arrangement was to pay £132 per month for 60 months (total = £7920.00)

Fees & Costs are...

Nominee Fee - £958.00
Total Supervisory Fee - £1188.00
Disbursements - £700.00
VAT - £321.90

Dividend...

Dividend in IVA (p in £) - 18%

My family have offered me between £5.5k and £6k to try and get the IVA settled. I was just wondering anyones advice.

Many thanks.

[Michael Peoples]

Hi Chris and welcome to the Forum.
Your offer seems reasonable and creditors will get their money much quicker. While the dividend may decrease this should be more than compensated by the shortened time period. Good luck and hopefully it will be accepted.

[chrisjx]

Thank you for your reply Michael!

Could you tell me if the offer is rejected at £5.5k is there room for negotiation to increase the offer to £6k or should I just offer the full £6k to start with.

Many thanks

[Michael Peoples]

You can increase an offer at a variation but it would be better to make your best offer at the time. Your IP will want confirmation that the funds are available before calling the meeting so offer the £6,000 and best of luck.