Hi. I'm in a joint IVA with my partner. We are about 7 months into it. We're trying to save some money so we can offer a F&F figure. Hopefully it will be about a year and we can offer it. We pay £80 a month for 5 years. Any help would be much appreciated.
How much do you owe and how much would you be looking for a full and final offer?
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
If your allowances have been set correctly I am not sure you will be able to save enough for a fnf offer unless supported by a third party. Well done if you can though.
At £80 a month and with 53 payments left you would be looking to offer around £4000 now. In a years time around £3000 - based on a 5 yr iva with no equity clause.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
If your income is increasing or expenses reduced due to changes in circumstances your contributions should be adjusted to reflect this when your I&E is reviewed so you might find you do not have the means to make savings as the funds will be paid over into the IVA (normally get to keep the first 10% of increases and have to pay over 50% of any surplus after that - check your terms).
You might have the 10/50/50 terms in your IVA which would mean you only have to pay extra
You are on a pretty low payment as it is, so there would be little room for reduction of a lump sum offer. considering also that a variation meeting will add arund £500 to the fees.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
