Early settlement offer

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andy927

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Post by andy927 » Sat Jan 30, 2021 4:35 pm
Hi - I have 22months left on my IVA - Complete November 22.
I pay £125 per month and have been talking with Credit Fix about settling early.
I was going to offer £3000.00 - gift from family to leave early. (if I stayed in till completion I would pay, 22 x 125 = 2750)
Would £3000.00 be a sensible offer?
I have been advised it also costs £300 to call the creditors to the meeting - so in total I would pay £3300.00, is that correct, £300 to call for the meeting?
Any advice/help would be great.
Thanks Andy

luluj

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Post by luluj » Sat Jan 30, 2021 4:45 pm
I would be tempted to offer to offer £2500 based on payments made between now and when it is accepted and early payment to creditors
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kallis3

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Post by kallis3 » Sat Jan 30, 2021 5:03 pm
Unfortunately CF do add fees to your final offer (the only company that do as far as I am aware). I would make that offer and say that any further payments should be taken off the payment. It is your offer to make, not theirs.
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Foggy

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Post by Foggy » Sat Jan 30, 2021 5:04 pm
CF are the only firm I know of who ask the debtor to pay the variation fee. but the offer you are making covers that well enough !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
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andy927

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Post by andy927 » Sat Jan 30, 2021 6:51 pm
Thank you for the advice and help.
I am going to go with offering 3000.00 and take the fees from that I think. My parents have agreed to that amount.
I will let you know how things go 😬
It’s hard to know what to offer and especially if they come back with a refusal I will be £300 worse off. So hopefully it will be enough.
Thanks again!

kallis3

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Post by kallis3 » Sat Jan 30, 2021 8:49 pm
It will just be taken from your offer - you don't have to make a payment to them.
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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