Foggy wrote:You need to tempt the creditors to agree to accept ----- this is done by offering near what they would get if you carried on in the IVA, which is the number of months remaining ( plus 12 if you own your home) multiplied by the current monthly payment.
Hi foggy thanks for the response. My issue is that my debt was only £5400 ive paid nearly £2k in already, and because i had a pay increase my payments have increase so if i were to do that calculation the amount would be 12k do i really need to pay more than i owe. i have no property and no assests.
How long have you been in the IVA ?
Working on 2 years just for illustration -- to clear the lot would take about £8760 --- less the £2000 you have already paid in would leave £6760 tp pay / offer
dan wrote:Hi foggy so ive only just started the second year on my iva I'm 17months in
OK -- considering that you will be making a couple of more payments while the offer is prepared, the interest element will be a trifle lower, you might get away with £4k. Certainly worth a try.
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