Looking for some advice please. Overall I am paying back £5,100 over a 5 year period. Year 1 I paid £85 per month, year 2 I paid £110 per month and this year I am paying £130 per month. I am able to borrow some money from a friend in order to get the IVA settled. Based on the above figures, what would be a sensible amount to offer? Thanks in advance for your advice.
You need to calculate how many payments you have left and add 12 if you are a homeowner and likely to have more than £5k of equity. Multiply this figure by 130. This will give you your starting point. Bearing in mind you will be saving the 2+ years of admin costs, but, adding around £300 - £500 to costs the creditors will be bearing, you might be able to round it down a little.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
