Full & Final advice

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1

rachel270

User avatar
Posts: 16
Joined: Tue Jul 17, 2018 12:52 pm

Post by rachel270 » Sun Jan 26, 2020 10:03 pm
Just wondering if anyone would be able to tell me what a good offer for full and final would be on my IVA? I have 43 payments of £166 left to go... Circa £7100. Do you think a £5k offer would be too low?

Foggy

User avatar
Forum Expert
Posts: 31246
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Jan 27, 2020 7:53 am
As you know the object is to offer as close to what the creditors would be getting in the first place.

Saving them almost 4 years 'messing about' could shave some off that amount. However, to guage roughly how much also depends on the return the creditors are expecting to get, in relation to the original debt --- the more they are getting, the more they will consider losing - if you see what I mean. There is also a good dollop of 'Sod's Law' to be added in-- creditors are unpredictable creatures ! I have seen very low offers accepted as well as generous ones refused.

Also, do those 43 payments include the possibility of an extra 12 months if you are a home owner ?

£5k could run --- £6k probably better.
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

rachel270

User avatar
Posts: 16
Joined: Tue Jul 17, 2018 12:52 pm

Post by rachel270 » Mon Jan 27, 2020 9:22 am
Hi foggy thanks for the reply.
I'm not a home owner so I would only have the 43 months.
My partner is the one offering the lump sum, he could stretch to 6k but didn't know whether it's worth messing about with a low 5k offer or go straight in at 6k. I don't know how it works in terms of it going to the creditors and then them batting it back etc. I'd just like it over and done with really

Lisa Thomas

User avatar
Industry Expert
Posts: 7759
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Mon Jan 27, 2020 9:42 am
By the time the offer gets presented you may well have made a few more payments reducing the figure, making the £5k more attractive..
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

Foggy

User avatar
Forum Expert
Posts: 31246
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Jan 27, 2020 10:32 am
Mon Jan 27, 2020 9:42 amLisa Thomas wrote:
By the time the offer gets presented you may well have made a few more payments reducing the figure, making the £5k more attractive..
Good point :-)
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
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”