I need advice. I am in dispute with the IVA company, regarding the settlement figure.
The IVA company are saying that they can only give me a settlement figure of the whole debt, rather than the remainder of the IVA.
If you are looking to offer a full and final, the best way to do this is to calculate your monthly payment by the number of months left to pay, plus any additional money due for equity release if a house is involved.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
The figure of £22K is the amount calculated by multiplying the number of months left by the monthly payment. There is no equity in the property. Should I contact IP with this figure and give them 30days to accept or decline?
You could try a little less as it will mean finishing the IVA early ...I might suggest £18000 -£20000 as a starting point.
Where will the funds come from to offer the f&f offer ?
Make sure the IVA company know that the funds are only available for the use of a F&F and if not accepted then you will not have e access to the money.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
The funds will be coming from my redundacy pay so I can only offer £18K-£20K as you suggested so I have something left to live on whilst I look for alternative employment.
Put the offer forward to your IP in writing,stating the circumstances you are in regarding redundancy,if you have a number of years left on your IVA i would make a offer under £20,000,as you will be completing your IVA earlier.Leave yourself enough funds to live off for upto 6 months while you look for work.Your IP is obliged to put any sensible offer to your creditors.
Last edited by MRBLUESKY on Sat May 12, 2012 1:41 pm, edited 1 time in total.