Hi there. I'm wanting to try and offer a full and final settlement for my IVA and was after some advise.
I'm currently just finishing my third year within an iva and have just completed my 4th review. My original debt was £21,000 and the original payments agreed were £197.50 for 60 months meaning I'd pay back £11,850. Since starting the IVA my salary has gone up quite a bit and my payments have been hiked up to £533 this time around. For the last 2 years my payments have been at £411.25 and although my income and expenditure hasn't changed this year they have now added on £122 per month saying that a mistake was made last year (by them) so although my surplus income hasn't changed I'll still have to pay more. Also if my payments stay at this rate for the remaining two years I will have paid around £5,000 more than I orginally owed!
Anyway I'm pretty unhappy with the whole situation from start to finish and feel I was mis-sold the iva. I have no assets and they didn't discuss any other options with me. Now looking back I feel I would have been better off with a dmp. A friend of mine has offered me an interest free loan of up to £6,000 to try and settle early. So far I have paid around £11,615 so with the £6,000 they will have been paid back a little under £20,000, around £8,000 more than the original agreement.
I have a couple of questions regarding all of this. First, what are the odds of this being accepted and if not whatkind of figure do people think would be accptable? How should I go about making the offer, should I simply go to them and offer the £6,000 or ask how much they would accept(and possibly end up paying less)?
What happens with the iva while this is all being decided? Do I carry on with my payments as normal? If its not accepted does my iva carry on as is?
Also there is the threat of redundency at my company (they're cutting 1300 jobs at the beginning of next year). Is it worth mentioning this to my IP in hope it may sway the creditors more towards accepting?
Sorry for the 20 questions but I'm a bit clueless to be honest and want to get a clearer idea before making any offers.Any help at all would be gratefully received.
Last edited by
linzi108 on Mon Dec 15, 2008 9:18 am, edited 1 time in total.