I am just about to start year 4 of my IVA. It is an IVA over 5 years with a remortgage clause otherwise an additional year. My Initial debt was around £65,000 and the amount to pay back each month was £509.40 which would have raised £30,564. Due to a very successful 2 years at work (in a commission based role)I have so far paid back £34,950. Commission has gone down and I am also looking at taking another job which wouldn't involve commission. I may be able to ask a family member top help out and just wondered what would be an appropriate full and final offer to make at this stage.
Hi -- with three years to run ( assuming the equity extension kicks in, the creditors would be looking at getting a further £18,338.40 (at current rates), so the F&F offer should be based on that.
Bearing in mind that they will be saving some on admin and " a bird in the hand .. and all that", an offer of around £17k would be in my mind --- you could try lower, but would be courting rejection.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014