What is the best approach to settle an IVA

[lee_e]

What is the best approach to settle an IVA. I have one year left out of a 5 year agreement. Would it be possible? What kind of offer would they normally accept if i pay £600 pound a month and wanted to settle?

[indebtforever]

i am not an expert but i am trying a settlement myself i presume you pay 7,200 per year you will save fees for for 12 months but also need to pay for a variation.i would have a word with your ip and see what balance is left to pay but if i was to offer it would be 3k

[Cybus]

Where are the funds going to come from to settle the arrangement and what is the maximum amount available from that source? If it is from a re-mortgage, was a re-mortgage required in the terms of the arrangement?

You would need to disclose that information to your IP who would pass it on to your creditors and they would ultimately be the ones deciding whether to accept an early settlement off.

If you want to propose an early settlement there isn't a guide to what would and wouldn't be accepted.

[PoorbutHappy]

the general feeling seems from previous posts seems to be "around the proposed dividend" orignally, unless there are some special circumstances coming into play

I would imagine that fess/variation costs are likely to be similar (say £1000) so if you look at it from the creditors point of view, they looking at £6000(ish) in a years time...versus your offer (less variation fees).

Its your IP who has to "sell" so best to get them on board with the idea and see what could be done. Your credit rating will still be up the creek till the 6 year mark anyways.

[lee_e]

Impressed with the replies i got. Thanks to you who have. I will contact my IP and progress further.