Great help on this site and pondering whether I should try and settle my IVA with a full & final offer.
I'm 7 months months till the end of my IVA and believe I will get a further 12 months leaving around £8k to repay.
So what do you think I should offer as a F&F?
Secondly do I have to have the secured loan ready in place before I go to my Supervisor?
And lastly does anyone have any companies they recommend?
Many thanks, Mark
**Such a helpful site, thank you**
It is difficult to say as it seems you are paying about £400 per month but not sure how much equity you have. However if are offering anywhere close to the £8k I am sure it would be fine with creditors and any new borrowings could not exceed £200 per month so what you can raise would depend on age and other factor.
If you are considering going down the secured loan route I would suggest you speak to Shaun Vickery at Select as theirs is the only firm I know of with this type of product for IVAs and they have been doing it for some time. Find out what you can borrow and then submit any offer to your supervisor when you have agreement for the loan.
At the end of the day you have to make the "best offer" and judge what you think might be acceptable to your creditors --- a figure close to what they signed up for should be a good starting point.
I have seen low offers accepted as well as high offers refused.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
completion certificate received 17/06/15 