full and final offer for my iva

[craigm10]

hi. I am thinking about a full and final offer for my iva. I have 2 years left to run in june and currently pay £150 per month. The agreement was for approx 15p in the pound. What kind of figure should i be looking to offer as a starting point as i'm getting this money from a family member?

[Lisa2009]

Hi and welcome to the forum.

Did you have an equity release built into your IVA?
If not then i would think an offer of between 3 and 4000 should be in the right region.

[mumofthree]

Lisa, if you have an equity release clause in your IVA does it mean you have to cover that amount and the remaining time left on your IVA if you want to do an IVA?

[rayb]

Hi,

If you cannot re-mortgage to raise the required equity then usually what will happen is that you will pay your IVA for a futher year and then conclude

[Lisa2009]

If you were to offer a F&F you would be expected to raise as close to original promised dividend as possible, including any equity thats been factored in.

Unless in extreme circumstances and your ability to maintain the IVA were going to change.

[mumofthree]

Thanks, thought thats how it worked. Im hoping (if my IVA gets accepted) to put in a full & final at year 3 (money from parents due at that time, but unfortunately not before), which would be the remaining two years (£3,600) and what they want from the equity (£4,200)

[craigm10]

Thanks for all the replys. I was thinking in the region of about £3500, so my estimate seems about right. Now to speak to my uncle...