www.iva.co.uk

5 years left owe 9 k relative offered to pay full and final what would be a considered offer

A f&f offer should be based on the best offer possible. A good starting point is

Monthly iva payment X months left

When making the offer the third party offering the funds should make it clear that you will only be given access to this money for the closure of your iva otherwise you will not have it.

You might also have to add an extra 12 months to cover equity release if you are a homeowner.

Hi Shirl. If you have 5 years left I presume your IVA may have only started recently? You may have a modification in your IVA that prevents you from modifying your terms within a certain time. For instance HMRC sometimes insist that no variaitons are to be offered within the first 12 months of commencement. Check your IVA terms or speak to your Supervisor about this. Ultimately it's down to creditors to decide on what is a fair offer but if this would mean bringing things to a conclusion 5 years earlier (which also means less admin costs) then worth making a cheeky offer. If only £9k left over the duration then I might make an offer of £5k but this is just my personal opinion based on limited information.

Hi

As Lisa states creditors may agree to an offer and receive monies now rather than over a five year period.

Offer as much of the 9k as you can to help acceptance

When did your IVA start ?

Regards