mark984 wrote:Me and my wife are in an iva and have been paying £234 per month for the last 10 months. Recently a family member has offered to help by offering a full and final payment we have 60 months left as we own our own property so we were hoping a figure of around £15,000 would be OK. Do you think that would be sufficient? As I'm hoping it will because this iva is worrying me sick. As also I lost both my parents In the last year and half. I just hope it will be acceptable.
At the current payment level the creditors are looking at getting £14k back, over the next 5 years, assuming the 12 month extension kicks in in lieu of equity. A lump sum around now is going to save them a chunk in admin costs as well as get them out of the IVA early ( they don't like being in them either!). I would, if I were in your shoes, offer around £10k - 12k. Obviously the higher the offer the better the chances, but lower offers do get accepted.
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