www.iva.co.uk

Hi all,

I have a quick theoretical question about a *very vague possibility* of an IVA full and final offer.

At the point where my IVA has 18 months to run, I am looking to possibly submit a full and final offer with a relatives money.

The IVA will have 18 months of £350 to run, so £6300 in total still to pay.
However, I have paid in an extra £2000 over the course of the IVA, by way of 50% uplift payments towards of yearly bonus.

So the question is, would the full and final offer have to be the full £6300, or the reduced £4300 as the £2000 overpayment so far?

Sorry to ask such a silly question, but I have no idea whatsoever as to the answer?

Also, I take it if an offer were to be made offering whichever figure is required to fully pay out the IVA, it would have a good chance of being accepted?

Thanks in advance for your help, its by no means a definate this will go ahead, my parents just want to start planning how much would be needed.

Cheers,

Debtman2009.

Hi there and welcome to the forum

The offer would be based on the higher figure ideally, but any offer is worthy of consideration and it would depend on how much your relative could afford.

Speak to your own IP about this as they have detailed knowledge of your case and are best placed to advise.

hi debtman welcome to the forum i agree with melanies advice as no two iva,s are the same regarding terms and conditions etc.if you hav,nt got a equity release clause,as a ball park figure, i think a offer of £4500 lump sum plus two months payments of £350= £5200 total.would in my opinion be a good offer that your ip would consider proposing,assuming your parents can afford it.iv,e recently had a f&f offer accepted with my ips proposal.so like melanie said have a chat with your ip,s team good luck.

Hi there,

Many thanks for the suggestions. There is no equity release clause, so roughly £5200 with 18 months to go including the £2000 overpayment would seem a reasonable starting point. I will let my parents know - still a long way off though.

Cheers,

debtman2009

hi-lite 2 monthly payments as part of the offer,because it takes aprox 2 months to sort it out,so you have to keep up your payments until hopefuly accepted by your creditors.including the 2 payments will enhance your offer.regards ronald.