www.iva.co.uk

Ok I've sent off a f and f offer of 3000. I am one year into a 5 year IVA paying 70 a month. I'll health means my income is reduced.
But...my op has just sent me a copy of the variation report...it states a breakdown of the 3000.
After it fees, creditors will be left will 715?!
Surely that's not right?!
There's no way they'll agree to that?
The total amount of debt initially was 17500, I'm totally confused.
Any advice appreciated

Over the course of the IVA you would have paid £4200 -- which would be eaten up in fees and admin costs -- with a lump sum they will, at least, save admin, so might actually be better off.

Were there any other assets in your IVA? I'm surprised one was put forward for such a small contribution.

You are only offering £360 less than what would have been paid had your IVA continued for 4 years.

I can see why creditors would reject it, they clearly accepted £4,200 originally (gross of costs) and are now being asked to accept £3,840 (gross) overall instead.