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Amanda.14
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by Amanda.14 » Sat Feb 03, 2018 8:00 am
Hi, looking for some advice please.
I’m 6 months into a 6 year IVA paying £60 per month. A friend has offered to give me a lump sum to pay it off. Over the next 6 years I will be paying £4000 back if my payments stay the same.
How much is a reasonable offer to make? And is it likely to be accepted as I’m only 6 months into it?
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Foggy
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by Foggy » Sat Feb 03, 2018 9:28 am
£60 per month is an extremely low payment -- are you sure you are in an IVA and not a DMP ? That level of payment would leave the creditors with very little, if anything, over the term and I doubt they would agree to reduce this further by accepting an offer below the full remaining payments, considering that a variation meeting will cost them in the region of an extra £500.
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Amanda.14
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by Amanda.14 » Sat Feb 03, 2018 11:21 am
Yes 100% certain it’s an IVA, as the payment is so low that’s ehy I’m paying over 6 years instead of 5.
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Foggy
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by Foggy » Sat Feb 03, 2018 11:26 am
Amanda.14 wrote:
Yes 100% certain it’s an IVA, as the payment is so low that’s ehy I’m paying over 6 years instead of 5.


OK -- then, as I mentioned before I would advise going in relatively high.
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Amanda.14
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by Amanda.14 » Sat Feb 03, 2018 11:34 am
Thanks - I was thinking £3,500
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Foggy
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by Foggy » Sat Feb 03, 2018 11:37 am
Amanda.14 wrote:
Thanks - I was thinking £3,500


I would say that would be worth running by your IP.
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