How do I work out a settlement offer ? What are the chances of acceptance ?

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by ranon » Sun Mar 19, 2017 8:14 pm
I was 2 years into an iva when I got pregnant I carried on paying my Iva but then couldn't afford to go back to work . I have since had another baby and childcare would be more than I could earn.
I am struggling mentally with life and can't cope with the constant calls fron my Iva co.
I am considering asking family for a loan to make a settlement to my Iva company
I only was paying £100 a month
How do I work out what settlement I should offer and what are the chances it would be accepted
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by Foggy » Sun Mar 19, 2017 8:54 pm
Assuming that you are still up to date with your payments your offers needs to be based on the number of payments left multiplied by the monthly amount. You will need to add 12 months if there is equity to be addressed.

Do not use the term settlement ( that is a different, much more expensive, animal). You are making a full and Final offer. Don't tell them you are borrowing the money either! You need to say that the money is coming from a third party and is for the F&F only. If the offer is rejected the money will be retained by the third party and will not be available.

They will want confirmation from the third party and, possibly, proof of the source of the funds.
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Lisa Thomas
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by Lisa Thomas » Wed Mar 22, 2017 1:10 pm
Alternatively you could ask them to accept payments to date in F&F and close the IVA but unsure how creditors would react to this.
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