16 months into a 5 year IVA

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sharon340

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Post by sharon340 » Thu Jun 28, 2018 10:19 am
I am 16 months into a 5 year IVA. I pay £160 monthly and I was wondering if I offered £6,000 in F&F settlement of my IVA - what are the chances of this being accepted by the creditors? If this amount is not acceptable, how much should I offer? Also, will this affect my IVA if my offer is not accepted or will it continue with me making monthly payments?

Foggy

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Post by Foggy » Thu Jun 28, 2018 10:34 am
Assuming no extension for equity release applies, your creditors are looking at getting just a smidge over £7k more from you, so I would say that an offer i.r.o. £6k has every chance of being looked at seriously.

Generally, as long as a F&F offer isn't being made on the basis of unaffordability, the IVA will continue as originally agreed should the offer be rejected.

The funds for the offer should be third party funds and the IP will want evidence of the source.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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