www.iva.co.uk

Hi,
I am in my 4th year of my IVA, and I may have the opportunity to make a settlement offer at the end of this year, when the total remaining will be circa £10k. I am fully up to date with payments and infact I have paid in more than originally required due to bonuses etc.

I would like advice on the following;
- How much is reasonable to offer bearing in mind I have paid about an extra £1,500 over the period to date?
- What is asked of the person who offers to give me the money to pay the settlement? (ie. do they have to provide bank details, letters etc?)
- Assuming it's accepted, wWhat happens afterwards, are there any further reviews etc or that the end of things?

Your help is greatly appreciated

the norm is
payments left x monthly payment + equity

where equity is the equity that could be released with a 75% LTV mortgage

If this and your payments to date takes you over the original debt + IP fees then you would offer just enough to reach this level. Note expected return in your proposal is not the same thing as the original debt.

The extra payments don't have much bearing in a full and final offer, as they were part of the original agreement

Martin