I want to settle my iva I owe £1600 and I was just wondering what is the best way to go about this and how much should I offer for my final settlement?
You should normally offer the full payments for the remainder of the IVA?
Where would the money be coming from and did you mean £16k rather than £1600?
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
When talking to your IP be careful of the terminology you use. A settlement usually means paying the IVA off in full ( original debt plus fees and possible statutory interest). A full and final offer means paying what the creditors signed up to receive, so, your remaining payments (plus 12 if there is equity to be addressed).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi there and welcome. No of payments x amount of payments remaining or nearabouts to offer as a full and final offer. With the offer decreasing if the time goes on too much as often it can do so. Make sure you tell them where the funds for the full and final are coming from and that the amount of £x is only available for the full and final offer.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
