My mother is prepared to offer a cash lump to conclude my iva. In the full and final offer, would you offer an amount equivalent to the inital 60 months or would offer an amount equivalent to 72 months. I have only been in the IVA for less than 6 months and it is causing me insomnia .
Whetever lump sum is available it is worth speaking to your IP on this.
In the end an IVA is simply a negotiation and whilst creditors are looking to recover as much as possible, they are also keen to resolve debts so a lump sum can be appealing.
Even if the amount your mother was able to offer was not equal to the initial offer, it would still be worth checking with your IP, especially if your health is suffering.
Steve Rees - A spokesperson for IVA.co.uk and Director at Vincent Bond & Co.
Want to share your story? Highlighting the issues facing people in debt is often a story that the media want to hear about. iva.co.uk will pay up to £500 for a successful case study - if you are interested please email steve.rees@iva.co.uk for more details.
