Final year of my IVA

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George,01
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by George,01 » Thu Feb 01, 2018 4:32 pm
I’m in final year of my IVA which originally was approx £85k. Last year I tried to remortgage to release equity and was rejected and have just found out that the agreement will be extended (my bad) and communications between supervisor and I have been poor. I have £15k arrears as last 2 years my work has been sporadic and had to take 5 months out to look after my Dad who has since passed away. I also have around £16k of PPI payments without creditors but I know this isn’t part of the IVA which is bonkers. My question is, what type of ballpark full and final offer should be looking at? I asked the IVA people and they were nervous and non-commital. Would appreciate any feedback. Thanks in advance.
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Foggy
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by Foggy » Thu Feb 01, 2018 4:43 pm
An IVA firm will not usually suggest a F&F figure -- it is your offer, not theirs, and you have to come up with the figure. Now, the object is to pay the creditors nigh on what they signed up for, which can be rounded down a little, depending on the circumstances.

This is usual;ly decided by multipying the number of months remaining by the monthly payment ( including 12 months for the equity). You will have to factor in the arrears as well. The PPI payments will just have been paid into the IVA to reduce the debt and will have no bearing on the IVA payments you need to make.
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