Hello, have been in an IVA for 2 years and my total debt was 17K.
My monthly payment is 198 monthly, at first the IVA was a weight off my shoulders but I am now finding it quite restrictive and its difficult to move on.
Recently asked for a full and final settlement figure and have been quoted £19k?!
I have worked out that I have paid just under 5k and over the next 3 years would have paid a further 7k so was expecting the offer to be around 5 to 6k mark?!
Just baffled as to how creditfix could come to that amount and if I proceed with a full and final offer of 5k am I going to get laughed at....
CF always do this and try to extort more from you by quoting the figure for 'settlement', rather than a full and final offer.
Settlement is paying the balance of the original debt and fees. A full and final offer is offering a lump sum based on agreed IVA payments remaining. They are obliged to put such an offer to creditors.
They do not suggest the F&F offer amount -- that is for you to do.
Base your offer on number of payments left x £198 ( you have to add 12 payments if you are a homeowner, in lieu of equity release).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
