I have just completed month 36 of an IVA. My IVA was sold on from DSC to CreditFix. I cannot make head nor tail of the figures CreditFix are quoting me in my annual review and I've tried about 6 times to speak to them and the numbers change every time. Payments into my plan at the moment total 36314.03. My contribution has just increased to 891. So I can see that I have 23 payments left at this level if nothing changes in my circumstances. However CreditFix are quoting me as having 16,988 left to pay off. 16,988 into 24 is roughly 707. So does my contribution come down over the last 24 months? Also, what would be a reasonable figure for a final offer settlement.
The "pay off" figure is not relevent, being based on the full original debt, plus fees and statutory interest (so the figure will change daily). All you need to worry about are the number of payments you agreed to.
A full and final offer (not a settlement -- that is a more expensive animal usually) is based on the number of payments remaining multiplied by the current monthly amount. So nearly £20,500.
It could be, from those figures, that you will hit repaying the full original debt, plus fees and interest before the contractual end date, in which case the IVA will end early. IF they are saying you will hit that settlement figure (100% debt, fees and interest) in another £17,000, then that is all you need offer. Indeed, if that wasn't the case and you have £20k to repay over the next 2 years, I would suggest a F&F offer of that order would suffice, considering they would be saving a bit in admin costs over the coming couple of years.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
