I have an IVA for 5,600 making repayments of Voluntary Contributions(53 x £59 then 7 x £354)
I have made a total of 10 payments and not missed once. I have been offered money by my step father to pay this debt off as my employment contract is due to end shortly. I am going to a F&F settlement offer. How much should I offer? And in your opinion should I have ever been advised to take out an IVA on such a small amount?
Hi -- was the sum of £5600 your full original debt going in ? This is the amount due to be paid into the arrangement, so would be a bit coincidental and a DMP might have been better.
Anyway -- the creditors are expecting a further £5015 to be paid and, my feeling is, that due to the low payment levels you would not have much room to reduce this further, considering that most of your payments will be eaten up in fees and the creditors are getting very little. I would suggest an offer of £4,500 -- £5,000.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Which company are you with as this does seem a small amount.
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The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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My IVA is with creditfix. I have not had any correspondence with them since taking out my IVA last April. I was under the impression i was to be contacted on a monthly basis. I have emailed them about this on several occasions. I have no idea how much the total was only that i asked what was owing and they said it was £5,054. On reading the paper work i do believe that 39.75p in every pound is going to my creditors. I was only aware that this was the case when i was reading through blogs on this site yesterday. I have completed PPI claims with Allay as they contacted me regarding this. I have emailed them to ask for an update as Ive heard nothing. It seems this IVA is not as simple as it was made out and im sorry i agreed to venture into it
Your chairmans report and or proposal documents to creditors will outline your full original debt - as others have said if that.was your true debt then it is very low in terms if an iva.
I agree with foggy that a figure around the 4500-5000 will be needed to make an offer to end via a f&f.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
