I am 2 years into my IVA and have equity of approx £18k in my shared ownership property. I currently pay £190.00 per month. I am considering my options and want to understand how I should calculate a reasonable full & final offer amount?
Basically you need bate amount on what the creditors are expecting to collect over the term of the IVA. In your case you have 3 years left to run (assuming a 5 year arrangement) so 36 payments. With the equity you have they would be expecting a 12 month extension (assuming inability to release equity, therefore make that 48 payments at £190 = £9120. You can deduct a little to reflect the savings they will make in administration, plus the value of the "bird in the hand", so maybe an offer iro £7.5k to £8k. You might get away with a lower offer, or might need a higher one -- it is an unpredictable game ! I have seen both low offers accepted as well as high ones refused.
Best of luck.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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