Full and final offer amount

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ryank9183

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Joined: Mon Apr 13, 2020 12:49 pm

Post by ryank9183 » Mon Apr 13, 2020 12:59 pm
Hi Guys,

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.

Thanks
Ry

Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Apr 13, 2020 1:08 pm
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
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