A good F&F offer?

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gemma685

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Post by gemma685 » Fri Jan 29, 2021 7:54 pm
I have about £7,700 left on my IVA and I have been in the IVA since September 2018.

What would a good F&F offer be?

There will be no mortgage to release equity in the 5th year

luluj

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Post by luluj » Fri Jan 29, 2021 8:54 pm
The best way to calculate an iva offer us to multiple your monthly payment by the number of months you have left in your iva.

Then when you have that figure you could consider offering a little under for early completion.

Be prepared to explain why the early completion and also where the money is coming from etc.
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Foggy

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Post by Foggy » Fri Jan 29, 2021 8:58 pm
So you have around 28 months left, so saving two years of more creditors messing about with dividends. Some will depend on how high your dividend is --- that is to say how much creditors are already giving up --- before deciding how much more they will say goodbye to to save those two years. I would think somewhere between £6,000 and £6,500 might be looked at seriously. Of course, the better the offer, the more likely it will be accepted.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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gemma685

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Post by gemma685 » Fri Jan 29, 2021 9:12 pm
My new disposable income is £310. If I have 28 months left then the total I would be paying back is more than what I owe. I’m assuming they would only look at a very high offer in this case :(

luluj

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Post by luluj » Sat Jan 30, 2021 5:15 am
You always owe the full amount of debt pre the iva agreement ... £8660 is what you would pay in total up until the last payment if you carried on for the full six years- this would simply provide a higher return to.creditirs.

As foggy has said if you consider the point that you are taking 2 years off the iva so creditors will get their money alot earlier, an offer of around £6500 maybe favourable.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

gemma685

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Post by gemma685 » Sat Jan 30, 2021 12:43 pm
Hi Foggy, as my Iva would end in September 2024 would I not have 43 months left?

Fri Jan 29, 2021 8:58 pmFoggy wrote:
So you have around 28 months left, so saving two years of more creditors messing about with dividends. Some will depend on how high your dividend is --- that is to say how much creditors are already giving up --- before deciding how much more they will say goodbye to to save those two years. I would think somewhere between £6,000 and £6,500 might be looked at seriously. Of course, the better the offer, the more likely it will be accepted.

kallis3

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Post by kallis3 » Sat Jan 30, 2021 12:59 pm
One of your posts said 28 months left which is what Foggy was going on.
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Foggy

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Post by Foggy » Sat Jan 30, 2021 1:23 pm
Sat Jan 30, 2021 12:43 pmgemma685 wrote:
Hi Foggy, as my Iva would end in September 2024 would I not have 43 months left?

Fri Jan 29, 2021 8:58 pmFoggy wrote:
So you have around 28 months left, so saving two years of more creditors messing about with dividends. Some will depend on how high your dividend is --- that is to say how much creditors are already giving up --- before deciding how much more they will say goodbye to to save those two years. I would think somewhere between £6,000 and £6,500 might be looked at seriously. Of course, the better the offer, the more likely it will be accepted.
I was working on you saying it started in September 2018, so you are around 28 payments down. Assuming a 60 month IVA there would be 32 months left. Looking at a few months to get the offer set up and accepted it would be 29 - ish. But, I assume from your comments now, that you do not have the standard 5 year arrangement but a 6 year one ---- so, yes, I am afraid creditors might be looking at a little more.
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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