My IVA started in November 09 and will run for 6 years. I pay £164 per month but for the last 30 months I will have to pay £465.
I am now in the process of getting divorced and with Children to provide maintenance for as well as finding a new place to live I feel I will be unable to maintain the IVA payments each month.
A family member has kindly offered to help me settle the IVA early by making a one off full and final payment. But what I need to know is what would constitute a reasonable offer in order to have a good chance of it being accepted.
Under the terms of the IVA I would still owe around £19K as of today but the likelihood is that the payment value I can offer would be around £6K. Is this too little?
I don't think that offer is high enough Patricia but speak to your IP directly to see what they suggest. At the end of the day if this is the best you can do, and the alternative is bankruptcy where nothing may get returned, you might be lucky on the day.
Such a shame that your IVA has failed so soon after it was accepted - but I am sure you did not forsee your current difficulties back in November 2009.
The best offers of settlement are always those based on the amounts yet to pay into the IVA.
MelanieGiles wrote:
Hi Patricia and welcome to the forum
I don't think that offer is high enough Patricia but speak to your IP directly to see what they suggest. At the end of the day if this is the best you can do, and the alternative is bankruptcy where nothing may get returned, you might be lucky on the day.
Such a shame that your IVA has failed so soon after it was accepted - but I am sure you did not forsee your current difficulties back in November 2009.
The best offers of settlement are always those based on the amounts yet to pay into the IVA.
Tks Melanie
What would suggest I should offer if I still owe £19K
Hi as ever excellent professional advice from Melanie and all I can suggest is that the nearer the original dividend for a full and final settlement the better.
I hope things work out for you x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.