Advice on lump sum settlement

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sameer

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Post by sameer » Sat Feb 13, 2021 11:12 pm
Hi

I owe a total of approx 33k of unsecured debt

My hrs at work have reduced and I have surplus income of amount £20 per month so clearly an iva is not possible with such a low payment.
The issue I have with going bankrupt is I would lose my job so my dad has offered to pay a lump sum to try and get it settled, what is the absolute minimum that would be accepted as my dad has offered 4K
Please any advise would be appreciated

kallis3

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Post by kallis3 » Sun Feb 14, 2021 1:45 am
I doubt that amount would be acceptable on the amount of debt. You could do a debt management plan or even look at a DRO if you have no assets at all
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

sameer

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Post by sameer » Sun Feb 14, 2021 3:52 am
DRO is for 20k and under is that correct so I would not qualify

What about would be accepted

Thanks

kallis3

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Post by kallis3 » Sun Feb 14, 2021 4:16 am
Good point - I forgot that! I would have a word with a few companies to see what they recommend.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

sameer

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Joined: Sat Feb 13, 2021 11:12 pm

Post by sameer » Sun Feb 14, 2021 4:45 am
Thanks

So my full and final offer would be 15p in the £1 if my dad agreed to 5k

Which companies do you recommend
It’s worth asking the question I guess

kallis3

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Post by kallis3 » Sun Feb 14, 2021 8:01 am
I can't recommend any specifically but I would say to steer clear of the big factories and go for a smaller one. Have a look around the forum to see how some companies fare on here.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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