www.iva.co.uk

Hello, have been in an IVA for 2 years and my total debt was 17K.

My monthly payment is 198 monthly, at first the IVA was a weight off my shoulders but I am now finding it quite restrictive and its difficult to move on.

Recently asked for a full and final settlement figure and have been quoted £19k?!

I have worked out that I have paid just under 5k and over the next 3 years would have paid a further 7k so was expecting the offer to be around 5 to 6k mark?!

Just baffled as to how creditfix could come to that amount and if I proceed with a full and final offer of 5k am I going to get laughed at....

Any advice would be appreciated.

Kind regards

CF always do this and try to extort more from you by quoting the figure for 'settlement', rather than a full and final offer.

Settlement is paying the balance of the original debt and fees. A full and final offer is offering a lump sum based on agreed IVA payments remaining. They are obliged to put such an offer to creditors.

They do not suggest the F&F offer amount -- that is for you to do.

Base your offer on number of payments left x £198 ( you have to add 12 payments if you are a homeowner, in lieu of equity release).

Great stuff!

I thought this would be the case!

Thanks so much for your help (panic over)