I have been in an IVA with my partner since February 2009. I was just wondering if anyone would be able to answer the following question as I am curious after reading several other postings. If my partner and I were to make an offer to our creditors to end the IVA, how is this usually calculated? I am aware we haven't been in the IVA long and our total debts were around 45K which we currently pay £414 per month, rising to £750 once are cars are paid off in a years time for the remaining term.
I would be grateful if anyone could support in answering this question.
There are no hard and fast rules - it just depends on your circumstances. Where would you get the money from to settle, and as a rule of thumb you should look to try and achieve the initial dividend level.
Thank you for the post. I don't have a lump sum at the moment and probably won't anytime soon, it was simply a general question if ever the scenario did arise and we were in the situation where this may be an option. Thank you for your response.
