www.iva.co.uk

Hi I was just wondering what a good settlement figure would be for a full and final.
I owed £21,000 and will be paying back £13,700 at the end of my IVA. I have been in it now for nearly 3 years and am paying 36p/£.And I really want to get it cleared as soon as possible if I can.
Any help is greatly appreciated x

Hi there hoobily.

I think in general, I will be corrected if wrong, that it is a good idea to generally offer around the same return as in the original proposal. Though it doesnt mean a little less wouldnt be accepted as they would be getting their return earlier.
Speak to your Ip and see what they say.

Ang x

That is the basis that I generally operate on, others will advise you to offer a lower sum on the basis that creditor will get repaid earlier. At the end of the day I woud take advice from your own IP and ask them to produce a settlement figure for you.

ok thanks I may just e-mail my IP and see what he says x

I take it you have paid about 8k into the iva with approx 6k remaining you will save on fees for 2 years but also need to pay a fee for finishing early i am no expert your ip can advise a settlement figure but if i was offering taking into account they will be getting their money sooner it would be in the region of 3.5k / 4k .

good luck

i pay £255 p/m and have been for 36 months come december so would it be feasible do you recko to do a f & f of £3500 - £4000?
x

yes i think it is an excellent offer and will return virtually the full dividend by the time fees are deducted go with 3k your ip will tell you if they think the offer is acceptable.if you need help with a letter to send to the ip stating the offer there is a letter head on this forum

good luck i hope you get it accepted then start your debt free life earlier[:D]

Thanks very much I am going to e-mail him now for an idea if this would be accepted.
Thanks again x