www.iva.co.uk

Hi,

I am 2 years 9 months into my IVA and want to make a full and final offer but am unsure what amount to offer. I have discussed this with payplan but they just tell me as close as you can get to the full amount. I currently pay £180 per month and have aroung £5400 left to pay can anyone advise on what amount is likely to be accepted?

Many Thanks
Pete

Hi Pete and welcome to the forum.

You should pay back as close to your original dividend as possible. How much were you looking to offer?

Well i did read somewhere to take the supervisor fees away from that figure...

I have a relative who has offered me £3500 - £4000

I think that sounds ok, especially the higher level. Have a word with your case worker and run the figure by them. Make sure that they are aware that the money is only available for a full and final.

Hopefully one of the other experts will be along to provide further advice.

Hi petec taking away supervisor fees from a offer is incorrect,and I would strongly advise NOT mentioning this to your IP.Part of the iva repayments contain IP fees which are part of the agreement.In most cases in early settlements IP,S will have a reduction in fees which will reflect the terms and conditions of the iva.Without special circumstances then i think £4000 is a reasonable offer and could have a good chance of being accepted especially with the help of your IP to push the offer forward for you.

Let us know how things pan out petec. We love a success story on here!

I will do.....

Does everyone else agree that £4000 is the best option? and does it have a good chance of being accepted?

It sounds fine to me, just run it past your IP tomorrow to see what they say.

It seems like a good offer to me too. Good luck

Is there any reason why you need to complete early? You are asking the creditors to accept a reduced return and they may want to know why this is in their best interest. x

One last thing..

How does it work with a relative giving me the funds what do they have to do just write a letter stating that they are giving me it or show where they have got it from etc....?

Hi.
Your relative will most likely have to send a letter to your IP stating where the money is coming from. Just make sure that your IP knows that the money is only available for a F&F only. It will be withdrawn if it's not accepted.

Hello petec

If you inform your IP that the full and final offer is from a 3rd party and will only be available for this offer then that should be ok. Sometimes they may ask for a letter from them.

Also an important issue that broke of london said that "is there a reason for the offer, i.e change in circumstance that may affect your ability to pay in the future?"

No just want a fresh start and this relative has kindly offered to clear my debt for me up to the value of £4000.

You may be ok - there is no harm in running this past your IP.