I WANT TO CLEAR THE OUTSTANDING AMOUNT ON MY DAUGHTERS IVA, BUT HAVE BEEN TOLD THAT I MUST QUOTE AN EXACT FIGURE. I AM ADVISED THAT AN AGREEMENT FROM HER CREDITORS MAY TAKE UP TO 3 MONTHS, AS SHE WILL STILL BE MAKING MONTHLY PAYMENTS IT COULD MEAN AN OVERPAYMENT WHICH I AM ADVISED IS NOT REFUNDABLE. IS THIS CORRECT?
If your daughter keeps paying her IVA, any figure you give, you could state the amount offered will be reduced by each payment as it is made. (there's a much better way of explaining this, sorry).
The usual calculation is amt of payment x number of months left.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
The usual amount to offer is x times the amount of months left (and if equity in a property another 12 months on top).
The offer is worded so that for every month waiting for a creditors meeting and payment is still made it is taken off the offer.
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.
Hi - base the figure around the amount of payments your daughter has left to make. Any offer you make should state that any contributions she continues to pay in the meantime are deducted from the lump sum settlement.
