Eary settlement

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Guyfaulks

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Post by Guyfaulks » Mon Mar 11, 2019 6:26 pm
Hi i am 2 years into the IVA, i owe 14,500 still. My brother is willing to pay 10 grand to settle it, do you think this is a reasonable offer? Thanks

Foggy

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Post by Foggy » Mon Mar 11, 2019 6:40 pm
Is the £14,500 you mention the sum of the remaining payments? Do you own your own home ?

If you are a homeowner, you will need to factor in another 12 payments.

Assuming you are not a homeowner and this is the amount the creditors are expecting to get over the rest of the IVA, I would say that £10k would be worth trying as a Full and Final Offer ( do not use the term settlement --- that is a different and more expensive animal). But, it is difficult to guess -- I have seen low offers accepted and, at the same time, high offers rejected ( even 2 offers in excess of the outstanding amount !).

Best of luck with it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Guyfaulks

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Joined: Mon Mar 11, 2019 6:17 pm

Post by Guyfaulks » Mon Mar 11, 2019 6:47 pm
Hi thanks for your reply, no im not a homeowner, i rent my home, but since i have gone into my IVA, my rent had gone up, my salary has gone down slightly due to change of jobs, and i have had a child since, i just want to be rid of it, i was rushed into it at the time i had nowhere to turn, and its made everything so much worse now, Thanks

Guyfaulks

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Joined: Mon Mar 11, 2019 6:17 pm

Post by Guyfaulks » Mon Mar 11, 2019 6:50 pm
sorry yes 14,000 is whats remaining

Lisa Thomas

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Post by Lisa Thomas » Tue Mar 12, 2019 10:00 am
£10k sounds reasonable - it will be up to creditors to decide.

The more attractive the offer, the more likely they are to accept it.

If they reject it you could always put forward an increased offer, or pay a few more contributions and then when the balance is a bit lower put it forward again.

Bear in mind many IP firms charge £500 fee per variation.

Best of luck
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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