I have 4 years of a 5 year IVA to run - the balance on the IVA is £12,000 that is 48 xs 250- a family member has offered to pay this off- so here is the question what should I askmy cousin to offer the creditors ? £10,000 or 11,000 - if the offer to low can I re-offer ?
My personal circumstances are that I have left the UK and my budgets and dispensable income has reduced. Any guidance
The full and final offer should, as you say, be based upon the outstanding payment of 48 x 250, so, £12k. This can be reduced a little to reflect savings in time and admin costs. This reduction will also be dependent on the initially estimated dividend -- the more you were due to pay back, of the original debt, the more you can reduce again.
Also this ouitstaning amount would be £3k more if you are a homeowner.
I would say, on the face of it, an offer of £10k would be a good one. However, these things are impossible to predict. I have seen low offers accepted as well as generous ones refused -- ultimately it will depend on the mood of the creditors.
In theory a full and final offer should be a "best offer", but you could come back with an improved offer if the first is refused ..... can't do this too often though or the creditors will cotton on that you are not making the "best offer" and hold out for more, or flatly refuse.
Best of luck.
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