Hi There. Im on my sixth year of Iva. There are 11 remaining months. At the moment im paying a monthly paymnet of £86.00. The IVA firm has asked me the outstanding debt balance on my mortage and on the secured loan. The firm has also asked me a valuation report for my property. I have been paying them over £7,000 over the years and now outsanding balance is £12000.
My relative has offered me some money as gift so that to clear that debt and i come out from this iva situation earlier.
If it were me I would continue with iva ... 11 months left ..by the time iva proposal for full n final is written, offered to creditors and paid etc you will be almost there.
Is there some other way your relative could support you in the remaining months ?
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I agree with luluj - it's not worth finishing early now as by the time you have set things in motion for a full and final your IVA will almost over.
Sharing from experiences of dealing with debt
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
You say you have 11 months remaining on a 6 year IVA -- was it 6 years from the start, or has 12 months been added ? If they haven't addressed equity ( the reasons for the valuations and statements), then there might be another 12 added if you do have equity over £5,000. You really need to find this out before making offers or just assume an extension.
Currently the creditors are expecting a further 11 payments from you at £86 so £946 ..... if there is equity, they will be looking at getting a further 12 months at least .... so ...
23 payments of £86 .... £1978.
According to the equity situation ..... if no equity an offer of £750 (very little time left and no savings for the creditors) ... you will make a few payments before it is accepted -- as said above not really worth it. And it might be refused as these offers cost the creditors around £500 in extra fees. If there is equity, or you assume there is the an offer of around £1500 might be enough as you will be saving the creditors a bit in admin costs ( although extra to pay for the variation).
Of course, the closer you can get to the £946 or £1978 the better chance.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with the others - if you only have 11 months left possibly not worth putting a settlement offer through, although this should speed up the closure process and get you off the IVA register quicker so could help in respect of clearing up your credit rating quicker.
If the 12 month extension applies to you then a settlement offer would seem to be more sensible.
