would this be acceptable as f+f offer?

[morgan105]

I would like to make a offer for full and final settlement if we can borrow the funds from family but need some advice as to whether it's reasonable. We pay £214 a month and have so far paid 24 months on a £12840 IVA. The creditors are to get £7704 over 60 months and we have paid in a total of £5136 in to the IVA. Would a offer of £4000 be reasonable if we can get it? This would be a one time offer only if we can borrow the money and from a third party. Any help on this is much appreciated.

[morgan105]

I have been reading through a lot of the forum and keep hearing different answers about acceptable offers. Could a lower offer possibly be accepted of maybe £3 - 3.5K as I don't want to ask family for to much as they are not rich and may be able to help more with a lower amount. Only asking this as won't there be a reduction of 3 years of fees? Just need a bit of advice on what is a realistic offer.

[Michael Peoples]

If there is no reason why the IVA is in trouble creditors could wait and get the full dividend. If the IVA is in danger of failing creditors may be happy to accept an early settlement rather than nothing. Speak to your IP for a settlement figure as the fee structure these days is based on a percentage of realisations and not an annual fee.

[morgan105]

Thank you Michael for the reply, i'll have a word with my IP to see what he says.

[MelanieGiles]

Why do you want to make the offer - are you struggling? If no, but merely want to see an early conclusion, I do not feel that creditors will accept a lower sum - but there may be no harm in trying so long as you are able to meet your IP's additional costs to put the offer forward..