minimum payment to end my repayments ?

[jaihind1975]

Hi Readers,

I started a joint IVA with my wife last November (2006) and was wondering if anyone knew the minimum payment the IVA company would accept
I currently pay £1,250 a month and have made 37 payments and missed 2.
My total repayment is £1,250 * 60 = £75,000
I have paid £1,250 * 37 = £46,250
Fees are £3,000 initially and then £1,500 a year = £8,500

What would be the minimum I would have to pay to end this IVA after Febs payment, so still oweing £27,500? Would £20,000 be a suitable offer ?? Paid for by my parents. I am currently unemployed

Any help would be appreciated.

Regards,
Wanting to be debtfree !!!

[kallis3]

Hi Jaihind and welcome to the forum.

Sounds as though are struggling somewhat.

Personally I think that £20k would be a good offer, but one of the professionals will be able to advise further.

[MelanieGiles]

If you are unemployed, and can therefore no longer afford to pay your contributions, then basically anything is better than nothing, so check how much your parents can actually afford and make the best offer you can - but bear in mind that you will probably have to repay their loan in the future.

[jaihind1975]

thanks
have been unemployed a while and hence have missed 2 payments as well
have put the offer in and now lets see
what do you think the lowest offer i could go to ?

[Michael Peoples]

Your offer seems very generous and creditors should accept it. Depending on what assets such as equity in property was available it is possible that creditors would have accepted less but if this is your parents' best offer and you are happy with it good luck with the variation.

[Shining]

Good luck with your offer, hope it works out for you x

[jaihind1975]

I HAVE NO ASSETS AT ALL, NOT VERY GOOD ON MY PART BUT I SUPPOSE GOOD IF I WAS TO MAKE AN OFFER.

I HAVE DECIDED TO TRY AT £17,000 TO START WITH AS YOU ALL SEEM TO SUGGEST £20K IS A VERY VERY GOOD OFFER. WHY PAY MORE IF I DON'T HAVE TO. MY PARENTS CASH AFTERALL.

WHAT DO YOU RECKON ?

[Michael Peoples]

Given that you will have to repay your parents at some stage your offer does seem fair. If creditors reject you could always offer a bit more if yoru parents have it but hopefully it will not come to that.

[jaihind1975]

but by making an offer and getting all creditors together isn't there a cost to this ?
I thought this costed £1000 as well

[orange]

how are you able to pay if your unemployed?

[jaihind1975]

if you read the full thread, you will see parents

[orange]

oops didnt mean to judge.....and should have read properly....sorry.its not easy ....good luck with offer

[jaihind1975]

naah thats ok, have asked my iva company - they said they cant judge but someone will call me to discuss

[orange]

thankfully you have very supportive parents xx.....what sort of work do you do?

[jaihind1975]

i use to be a banker