Hello, im hoping to put in a full and final offer, i have 12 months remaining with around £2000 left to pay do you think £700 - £1000 would be a reasonable offer, thanks
It might be a bit on the low side - normally you should offer as close to the sum remaining as possible.
Do you have an equity clause in your IVA?
You should make sure that your IP knows that the money is only available for a full and final offer.
I take it a friend or relative is funding you.
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
I agree that £1000 is a little light, considering the short time left and that the creditors will make little or no savings on admin costs, they might be inclined just to sit it out. Added to this your IP might take 3 months to get the offer organised, leaving even less time to be saved.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi I think it might be a bit low - there is usually a standard variation fee of £500 per most IVA terms so the IVA pot would only receive a few hundred pounds. Creditors might prefer that you simply finish the term.
In addition it takes some firms a few months to put the variations to creditors, by which time you might be closer to finishing anyway.
Having said that - you can but try. They can only say no. Make sure there are no bky clauses in there though, if creditors chose to reject the variation proposal.
