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Mxlee8

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Joined: Sat Mar 09, 2019 10:16 pm

Post by Mxlee8 » Sun Mar 10, 2019 11:57 am
Right,

Not long started iva, 1 payment in..

My parents are hoping to help me out after my first year of payments to finish the iva 4 years early.

First of all my debt level was not massive prior to an iva but long story short I've started one..

After my first year of payments( x12 payments of £92 )I'll have only £4416 left to pay.

What are your thoughts on me offering £3000 full and final settlement after completing my first year.
( Do you think offer less or more, or is £3000 fair )

( do not own a property. I live at home with my parents no assets ect, I have a car but this was not included in anyway ( worth less that £1000) )

Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sun Mar 10, 2019 12:08 pm
Normally you can shave a bit off of the lump sum to reflect time and expense saved ... BUT ... at £92 per month, you are right at the bottom end of viability for an IVA and your creditors are going to get very little anyway, so your wiggle room is not so good. Added to which a variation meeting will add £500 or so to the fees.

It is difficult to guess and I have seen very low offers accepted as well as excellent ones rejected. If it was my IVA I would be thinking more like £4k.

What was your original debt level ?
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

Mxlee8

Posts: 18
Joined: Sat Mar 09, 2019 10:16 pm

Post by Mxlee8 » Sun Mar 10, 2019 3:33 pm
Thanks fir reply foggy. And total debt level was £8274. So you say offer around the 4k mark 👍
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