Acceptable lump sum offer?

[jeffrey]

Hi, i have 2and half years left on my 6 year IVA. I currently pay £159 a month, my partner has agreed to clear this IVA balance for me so we can start our live debt free. Called creditfix and i was given a final fee of £5070 with admin fee of £300 added, could be more depending on what creditors add as interest.Just wondering if my partner made an offer of 4k would that be accepted? If not how much roughly would you think would be accepted, thank you in advance.

[Foggy]

If you have 30 more payments of £159 to make, your creditors are expecting to see £4770 from you. The £300 is the extra fee a variation meeting would cost and CF are unusual in adding this. Indeed most F&F offers are actually rounded down. I suspect CF always mention the highest figure possible because they get a percentage ! So, with any other IVA provider £4000 would have a very good chance of acceptance.

[jeffrey]

Thank you in your reply, you think it would be worth it to just make the offer anyway? Even if is a little smaller than the remaining balance, they are obliged to take my offer to creditors right? And also i read that the process takes 2-3 months and in that time i will still be making monthly payment which should help with bringing my balance down.

[Foggy]

Thank you in your reply, you think it would be worth it to just make the offer anyway? Even if is a little smaller than the remaining balance, they are obliged to take my offer to creditors right? And also i read that the process takes 2-3 months and in that time i will still be making monthly payment which should help with bringing my balance down.

I would put the offer forward. CF might moan, but it is YOUR offer, not theirs, and it is for the creditors to decide, not CF.

Good luck.

[jeffrey]

Thank you so much for your advise.