Have 36 months left of my IVA. Having just completed my annual review I anticipate my monthly amount to be around £300. It was only £80 per month originally. What would you suggest is a realistic offer to creditors?
Would it need to be £10,800? (36 x £300)
My initial debt was £21,000
Any advice or pointers would be very much appreciated.
A full and final offer is based on remaining payments and can be rounded down a little to reflect admin savings and the 'bird in the hand' factor. If you are a homeowner, unless you can prove that there would be no equity at the end of the originally planned term, you will need to add a further 12 payments.
In your case, assuming you rent, I would say an offer around £10k -- you could push it to £9k, but, of course, the smaller the offer the greater chances of a refusal.
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