I am considering a full and final offer. I have 48 payment left at £120.00. I will not be able to remortgage and need to factor another 12 months at £120.00. So the total remaining is £7200.00, do you think the creditors would accept £6000-£6500 as a lump sum full and final.
Considering that they will be getting their funds some 5 years early and in a lump sum, rather than dribs and drabs, I would think an offer in this range would be looked at seriously.
That said, creditors do sometimes make, what appear to us to be, strange decisions. I have seen very low offers accepted as well as generous offers refused. Much will depend upon your IP and the way he supports and presents the offer.
Best thing would be to have a chat with your IP and see what they think.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It may also depend whether creditors believe your situation could improve allowing more to go towards your monthly payments. If you dont ask you don't get.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
It would also help if there were any circumstances that suggest you would not be able to continue with the IVA. Ours was accepted due to my ill health retirement. I could show on paper there would be no way we could afford 1p a month and all creditors accepted a slightly lower dividend
