www.iva.co.uk

i took an iva out with debtmatters in january 2006. another company has since taken over my iva.
i have made 35 payments of £200. the original debt was £30,000.
my house has no equity at present (i had remortgaged prior to my iva) so i would expect to have to pay a further years payments as agreed.
my father who lives in eire, knows how worried and short of money i always am, has asked me to get an estimate of what the settlement fee would be, with a view to possibly paying it off.
could you give me some idea what sort of settlement fee the company would be looking for ?
(i believe if i end up paying my iva for 6 years i need to pay a further £7400.)

Depending upon the fees you are paying to your IP, I would have thought an offer in the region of £6,000 would be a sensible starting point, but do let your own IP guide you as they have detailed knowledge of your case and ought to be able to provide you with a settlement figure.

Good luck pete and what a kind offer from your father, let us know how you get on
x

If your father is unable to afford the £6,000 suggested by Melanie, it is always worth seeing what he can afford and talking to your IP about it. He or she will be able to judge whether or not your creditors would be willing to accept the offer.

In any case, your creditors will probably willing to accept a reduced offer as they will not have to wait for a further 37 months for payment.