Full an final iva settlement

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mark984
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by mark984 » Tue Mar 13, 2018 10:42 am
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.
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Foggy
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by Foggy » Tue Mar 13, 2018 11:10 am
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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luluj
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by luluj » Wed Mar 14, 2018 3:14 am
I agree with foggy - offer around £22k but on the understanding the money is only available for you as a full and final offer and if not accepted you will not have access to it .
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kallis3
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by kallis3 » Wed Mar 14, 2018 9:05 am
I agree with Foggy that you should offer £10-12k. Go in with the lower offer first and see if that is acceptable.
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Lisa Thomas
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by Lisa Thomas » Thu Mar 15, 2018 10:13 am
I would start with an offer of £10k.
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Lisa Thomas
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by Lisa Thomas » Thu Mar 15, 2018 10:14 am
My quick video on F&F's can be watched here:

https://youtu.be/h4dozq9aGak
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