I am over half way through year 5 of an IVA. I have been paying £927 per month and have just been informed by Debt Free Direct that I will need to pay for a 6th year in lieu of equity release. My take home pay has reduced by a significant sum so going forward I need to reduce to £716 although DFD would need to propose an IVA variation to the creditors and this is an option. My partner has offered to pay a full and final settlement for me. According to DFD the outstanding balance is £15,242. Can anyone advise what a reasonable offer to the creditors would be please? Any suggestions gratefully accepted.
If your surplus income has reduced to £716 then I would base the offer on that figure and not the £927. Assuming four months left plus a year's extension I would think £10-12k might be acceptable. Worth a try and you can always increase it at the time if necessary.
