www.iva.co.uk

I’m halfway through my IVA and if payments continue I will pay a further £21000. If I was to offer creditors a lump sum to exit IVA early what figure would you suggest to be most likely to be accepted?

It depends on how much of that £21k is in relation to your original debt ( i.e how much of a hit creditors are already taking ).

Assuming you are not a homeowner ( or that the quoted figure includes 12 extra months ) I would venture an offer of around £15k - £16k .... but, as I always mention, I have seen low offers accepted as well as high offers refused --- much depends on the make up of your creditors and, as mentioned above, how much of a hit they are already taking. Of course, the nearer you get to £21k the better chances of success.

I am a home owner and the figure includes the additional 12 months payments. I am just trying to exit the IVA ASAP. So do you think an initial offer of £15-16k would be a good start?

I also think the total I will end up repaying will be very close to the original total debt of £37000