hi
i am paying 142 per month and 47 months left. my brother wants to help me paying 5000 pounds to pay off early but i have to pay nearly 6600 pounds within 47 months. do you think my creditors will be agree to take 5000 pounds
It is an offer worth making, after all, they will be getting the monies early and in one lump sum, rather than dribs and drabs. I Have seen low offers accepted in the past, but I have also seen high ones rejected. I am afraid it all boils down to how they vote on the day.
Are you renting or do you own your home? If so the creditors would be looking at an extra 12 months or equity release, which would make the gap between your offer and the expected return a fair bit wider.
Try also to produce any compelling reasons why you want the IVA concluded early, as this always helps when making lower offers.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
