I am currently 28 months into a 72 month IVA and struggling. My rent is due to go up in line with what is normal in the area and I wont be able to afford the additional amount
I had 82K worth of Debt
I have already paid off £36,000
My monthly payment is £692
My agreed total repayment was £49,824
The rent is due to go up by £500 as I have been very lucky and had a very cheap deal before. The rent will rise to £1800 which is still reasonable for a 3 bed house in the area.
I am in the position that someone will give me some money to help. What do you think a fair F&F payment would be (I have been offered £15,000, are they likely to accept it?)
It is unlikely they would accept a 30% increase in rent.
Your offer is probably about 2k short but there is no harm in offering it and see what happens.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
By my calculations IF your IVA continued as normal creditors would receive c£30k against this you are offering £15k. However given that your disposable income has changed you could breach the IVA and they would receive nothing or your payments could be reduced by £500 per month giving a further £8,500 over the remaining term. All in all I think this is a fair offer. You will want your IP on side so that they recommend the offer to creditors.
Talk to your supervisor - you have nothing to loose.
Provide evidence - give reasons why you can not move to a cheaper area e.g indicate that landlords run credit checks and you are likely to be refused, distance to work etc. I'm not an expert but l think your offer sounds reasonable.
