www.iva.co.uk

We owe £9,600 and are preparing a settlement figure. What are our chances if we offer £7,000

Please provide a few more details

- current monthly payment?
- how months remaining?
- do you own your own home?

From this we can then provide you with some idea as to whether your suggested amount would be feasible

A rough idea of your estimated dividend or original debt would also help to gauge how much of a hit creditors are already taking.

We have 56k worth of debt.

We are currently in our second year - paid 14 months.

We pay £163 a month. We are home owners. only been in out house for 2 months so not lots of equity.

We have been given a final figure of 9600.

We would really like to get out of our IVA.

Please help with what would be a figure that would be accepted.

Many Thanks

Does your figure include a possible 12 month extension in lieu of any equity at the end? Where would the funds be coming from?

Yes, it includes the possible year extension.

Coming from parents to help us get out of IVA.

OK -- for that sort of debt your creditors are already taking quite a hit, so that reduces your 'wiggle room' a bit and I would think that an offer close to the £9.5k -- maybe £8,500 or £9,000

Alternatively --- if you can prove that there is likely to be less than £5k equity, so the release clause would definitely not be triggered, you could reduce this by the 12 extra payments. So your proposed £7k looks more like it.

Personally I would state that equity release will be unlikely, but, in the spirit of compromise you are willing to include the 12 months in lieu in the basis of your offer ( suggesting that creditors might get more by accepting the offer now ). This, of course, assumes that you would be willing to offer something like this amount.