Pitching an IVA offer

[devon thomas]

Hi all,

Original debt 43k approx.

Paying back £360 per month,60x = 21k approx.

24x payments made, leaving 10.6k to pay.

My new (relatively) partner sees the stress I feel from being under the IVA, and is considering releasing funds from her equity to clear balance due.

Do you thinkk thyat under the current climate a payment of 8k (Max she could raise) would be enough to tempt people I owe in order to close my case?

Any wisdom appreciated,

DT

[MelanieGiles]

I think that is a good offer - especially if your IP will discount some of the future fees on grounds that the arrangement will conclude rather earlier. Have a chat with your IP to see whether they would be prepared to present on this basis, and if so I would go for a variation meeting to see if creditors are prepared to accept the offer.

[devon thomas]

Thanks for the tip off Melanie.

Do you think there would be scope for making a lower offer first, then seeing how negotiation works and go from there, or does it not work like that?

I we were able to close at 7k for example, Wedding bells may chime earler as opposed to later!

DT

[MelanieGiles]

There is always scope for making a lower offer, but more chance of acceptance the higher the offer - so the trick is pitching it right - and your IP will help guide you on this point.

[devon thomas]

Thanks again,

DT

[David Mond]

Spot on Melanie - good luck DT!