www.iva.co.uk

Hi I am one year into an IVA total debt just over £25k. Monthly payments are £166. In my name only.
My mum has offered a lump sum as a full and final settlement. I’m not sure what to offer them.
I was thinking of 15k but wondering if I should go lower. This would be the maximum she would pay .
Any suggestions please. IVA is with creditfix. I am married but mortgage is in my husbands name only (2nd marriage).

Your offer should be based on

Months left in iva term x monthly amount

So based on your details given, and assuming you have 48 months left on a 60 month iva term, and you are not obliged to increase your monthly payment if £166 at all you would be paying £7968 into your iva in the next 4 years.

Therefore your offer should be around this figure. You could try a reduce figure to take into account early closure and reduced admin fees.
You should also make it clear that this money is only available to you for the use of a full and final offer to terminate your iva otherwise you won't have access to it.

If it were me and I had the money available to me I would offer £7500.