Full and Final offer!
My parents have offered me a gift to pay off my IVA of £5000. I have 3 and half years left and pay £174 a month. I'm with Payplan. Has anyone any advice?
If you go to term, and there is no equity to be addressed, the creditors will be getting a further £7,300. On the face of it an offer of £5,000 might be a little light. However, the creditors will be saving on three plus years of the cost of administering regular, small, dividend payments, as well as getting monies early and writing off the toxic debt.
Make sure you make it clear that the monies are from a third party and that, if the offer is refused, it will not be available and the IVA will continue as previously agreed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Heidi - £5,000 does seem a little low but you could propose it and see what creditors think - if they reject you could always go back and offer £6k. It's a difficult call. Creditors may accept £5k as they can just write the balance off and move on. The problem is you won't know until you try.
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
