We have been in a joint IVA since August 2013 paying £120.00 per month. Due to ill health (i am 65) i have had to retire and only have the state pension along with my wifes pension. A family member has offered to pay of the outstanding IVA. What would be considered as a fair offer to end this IVA.
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
Assuming you have 24 months left and no equity (or are in rented accommodation) an offer would be based on what is left to pay, so £2880. Make an offer around £2,500.
If you do have equity to address, you would be looking at £4320, so an offer around £3,500.
Of course the creditors would be looking at getting something near the sum they would have got if the IVA ran it's course, but often accept reduced amounts depending upon the circumstances.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy - your offer should be based on the number of payments you have left. The closer to the figure and more attractive the offer, the more likely creditors are to accept it.
