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Posted: Mon Jul 18, 2016 5:20 am
by Brian.w
We have been in a joint IVA since August 2013 paying £120.00 per month. Due to ill health (i am 65) i have had to retire and only have the state pension along with my wifes pension. A family member has offered to pay of the outstanding IVA. What would be considered as a fair offer to end this IVA.
Posted: Mon Jul 18, 2016 8:12 am
by kallis3
Hi and welcome,
How much are you paying back to the IVA?
Posted: Mon Jul 18, 2016 9:23 am
by Foggy
Assuming you have 24 months left and no equity (or are in rented accommodation) an offer would be based on what is left to pay, so £2880. Make an offer around £2,500.
If you do have equity to address, you would be looking at £4320, so an offer around £3,500.
Of course the creditors would be looking at getting something near the sum they would have got if the IVA ran it's course, but often accept reduced amounts depending upon the circumstances.
Posted: Mon Jul 18, 2016 9:53 am
by Lisa Thomas
I agree with Foggy - your offer should be based on the number of payments you have left. The closer to the figure and more attractive the offer, the more likely creditors are to accept it.
Best of luck.