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Hi..I entered into an IVA in July 05 paying 300 a month. I am thinking about making an offer to settle, but wonder how much I should offer. I was thinking 10,000 as this would be the remaining amount to pay...would there be any chance of the creditors accepting less than this? I do not have this money at present and my family do not know about my situation. However, I think there is a good chance of them lending me the money if it was 10K or less. I would really appreciate any advice you can offer..

Hi summerhill and welcome to the forum

I calculate that you have 36 months of £300 left to pay, so an offer of £10,000 would appear to be reasonable. I assume that you are also not a property owner with a final year equity release clause?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi
You could even try to offer a little less as there should be some savings on IP fees over the remaining time,possibly 2k.
Speak with your IP and see how they feel about offering 8k.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp