Posted: Fri Feb 13, 2009 4:18 pm
Hi, Been lurking on here for nearly a year but this is my first post. I started my IVA in April 08 and i've luckily been offered the money to settle early from a family member as long as I pay them back. I'd much rather owe the money to them with less constraints.
My payments are £320 x 60 months and i've made 10 payments so far which leaves £16000 under my current terms. I've been advised by my IP there is a two month wait for a variation meeting so i'm thinking of offering £15580 as there will be at least another months payment before the creditors see the offer.
Does this sound about right?
How much of the decision is based on the reason for settling early? I'm sure the creditors are more concerned with getting the money early and in a lump sum aren't they?
Also, if it's settled early for the same figure they would have got over the length of the term, would they actually get more back as there would be less to pay in IP fees?
Sorry for all the questions and thanks in advance for any advice..
My payments are £320 x 60 months and i've made 10 payments so far which leaves £16000 under my current terms. I've been advised by my IP there is a two month wait for a variation meeting so i'm thinking of offering £15580 as there will be at least another months payment before the creditors see the offer.
Does this sound about right?
How much of the decision is based on the reason for settling early? I'm sure the creditors are more concerned with getting the money early and in a lump sum aren't they?
Also, if it's settled early for the same figure they would have got over the length of the term, would they actually get more back as there would be less to pay in IP fees?
Sorry for all the questions and thanks in advance for any advice..