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.
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 http://foggy.blogs.iva.co.uk