Hi my sister has offered to settle my IVA I'm 12 months into it paying £197 a month for 5 years I've already paid in £3300 how much should I offer to settle
You should usually offer the remaining payments or as close as. You will also have to tell the company that this is only available for a full and final and will be withdrawn if not accepted.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
You have 4 years left (assuming no equity extension), so the creditors are looking at getting at least £9456.
Bearing in mind that they will save money on admin costs over the next 4 years and the "bird in the hand factor", maybe an offer of around £8k.
You could try for £7,500 but you might be pushing your luck. I have seen generous offers refused as well as really low ones accepted.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your starting point is £9.5k. I agree with Foggy that you could offer less and see how creditors react. Given it gets the debt settled and off their books 4 years earlier it would be reasonable to reduce it. say £8k.
