If I offer a lump sum to end my arrangement on the 3rd year roughly,
Started 5th feb 2019
Going to offer some cash from my parents around about feb 2022 so I’ll be 3 years in.
My monthly payments are £92 per month, I no it’s a little Iva compared to others, but if I have paid already x3 years of payments would I have much movement in a settlement figure if technically have £2204 outstanding x2 years. What realistically could I offer from my parents.
For example would £1509 be too low?
I have seen low offers accepted as well as high ones refused. On a payment of £92 per month the creditors are probably getting very little anyway, so there would be little, if any, wriggle room. That said, the IVA is possibly costing them more than they are getting --- so they may well be just happy to see the back of it !
Bear in mind that a full and final variation meeting will add around £300 to the fees, so, of that £1500, they will see £1200 before the IP takes their fee out of it !
Some will also depend on how much of a hit they are taking already --- what was your original debt amount ?
If £1500 is all you can afford to raise, that has to be your offer.
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