www.iva.co.uk

I started my joint IVA in September 2018. The IVA is about £22000 (with supervisory fees it’s £23500.) So far I have paid £1,350 towards my IVA. I have been given the opportunity from a family member to offer £20000 to settle the IVA. Do you think this will be accepted by the creditors?

It may be - you need to speak to your IP company and make sure they know the money is only available for a full and and final and will be withdrawn if not accepted.

We need some clarification --- you say you have paid £1350 over the last 10 months .... so your paym,ent is £135 per month ??

I take it the £22k is the original debt figure ... is this so ?

You say 'joint IVA' --- in fact it will be two interlocking IVA's ---- are the figures mentioned relating to yours only or to the two combined ?

Hello,

We have made 9 payments of £150. The £22k is the original debt figure and is both mine and my partners combined

Tue Jun 18, 2019 7:41 pmZebra555 wrote:

Hello,

We have made 9 payments of £150. The £22k is the original debt figure and is both mine and my partners combined

Thank you. Usually a F&F offer is based on payments remaining -- so that the creditors get near to the amount they have agreed to get over the term .... so in your case they are expecting (assuming a 5 year term) a further £7650 (or if you have property either a sum from equity release or a 12 month extension, so a further £1800).

So -- they are currently looking at getting around £9.5k .... in dribs and drabs over the next 5 years (having assumed a 12 month equity release extension). To get this in a lump sum, now, would save them a chunk in admin costs as well as release them from the IVA ( they don't like being in them either).

Thanks Foggy. I did think that if we stayed in the IVA for the full term that they would be getting £9000-£10000 however if I offer a F&F now, this way they’d basically be getting double