Thinking about offering a Final Payment

[Podyak]

Hi there,

I am 16 months in to my IVA. My debts were £9k and I pay £120 a month.

I’m looking to move forward with things and start saving for a house etc and I understand whilst on an IVA you cannot save as any spare income is to go towards this.

So 44 x 120 = £5,280. Do you think an offer of £4,000 is sufficient enough? My brother would be able to offer this.

Thanks in advance.

[Foggy]

I think £4,000 has a chance,considering the savings they will be making on administration over the next few years. Definitely worth a chat with your IP.

[Lisa Thomas]

Sounds reasonable to me.

[Podyak]

Thanks for your responses.

So would I offer this and then any following payments I make to the IVA whilst the offer is going through the stages come off this total?

So for example I offer £4000 but it takes 4 months to be accepted. 4x120 = 480 so the payment is £3520?

Regards

[Foggy]

Thanks for your responses.

So would I offer this and then any following payments I make to the IVA whilst the offer is going through the stages come off this total?

So for example I offer £4000 but it takes 4 months to be accepted. 4x120 = 480 so the payment is £3520?

Regards

Yes, but do make this clear in your offer. At least one firm states (incorrectly) that this is not acceptable -- coincidentally they are one that takes a lot longer to arrange these things too.

[Podyak]

Excellent Foggy, I will give them a call and keep this updated with any news!

[Lisa Thomas]

As Foggy says get everything in writing that any contributions paid in the meantime will be deducted form the lump sum offer.