Full and final offer on my IVA

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Post by Katie0285 » Thu Oct 03, 2019 2:34 pm
I have been in IVA since December 2018. Right now I am considering to ask my IP for early settlement. My monthly payment is going to be increased from October this year from £100 to£164.50 and I have still have 51 months left. How much should I offer to my creditors to be sure that my offer will be accepted.

Thank you


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Post by Foggy » Thu Oct 03, 2019 2:50 pm
First -- do not use the term 'settlement' -- that means paying the full original debt, plus fees and possible statutory interest. What you need to do is make a 'Full and Final Offer'.

Your creditors are expecting to be getting £164.50 x 51 (assuming you do not own your property) ... so ... £8389.50.Bearing in mind that you will be saving them a bit in admin and messing about over the next 4 years or so ( but remembering that the F&F meeting will cost them up to £500 ) I would have gone in with an offer around £7,000. I have seen smaller offers accepted, as well as more generous ones refused -- it will be in the lap of the gods.
Might I ask where the funds for this offer are coming from ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by Katie0285 » Thu Oct 03, 2019 2:55 pm
Thank you for your quick answer Foggy.
This money will be from my partner's brother who is happy to help me with this situation.

Lisa Thomas

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Post by Lisa Thomas » Fri Oct 04, 2019 8:20 am
Have a quick look at my short video here on F&F's.


Good luck.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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