full and final payment ?

[cathy.01]

We still owe about £16,000 in our iva and have 3 years left and have the equatity clause, do you think creditors would accept £9,000 as a full and final payment as a family member maybe able to pay this off for us.

[Adam Davies]

Hi
It is hard to say.
How much equity do you have in your property ? Creditors will understand that you may not be able to release this equity so may accept an amount similar to the amount they would receive over the five years. I think 9k may not be enough but do have a chat with your IP
Good luck
Regards

[Locko]

At the moment there is no equity as we have a secured loan

[Julie]

Worth a try, they can only say no.

Good luck xx

[MelanieGiles]

I think that the offer is too low if there are no other reasons which are causing you to need to settle such as afforability of the IVA payments.

[Locko]

Thanks Melanie and Andy. I think its because we are constantly struggling. Also our heating is broke and we have damp on the walls at the front of our house. Its just never ending and know this will be expensive to repair, I think thats why he was going to help us out. Do you have any idea what would be realistic to offer.

[MelanieGiles]

Generally the nearer you get to the amount still left to pay the better. Why not see if the payments could be lowered, and perhaps borrow the money off your relatives to effect the house repairs. This could then be repaid once the IVA has concluded.

[Locko]

Thanks Melanie will sort something out regards

[Shining]

All the best and let us know won't you? x

[kallis3]

Good luck from me as well.

[Skippy]

Good luck Locko, I hope things work out for you x

[Locko]

Thanks everyone, will let you know but may not be for a couple of months yet. My brother in law is going to see if he can make it about £12k - £13k which hopefully will be accpeted as we would have paid back £23 - £24k back out of £27 regards Locko