I have a joint iva with my partner via ebengate. We pay £100 a month and have 43 months left, starting debt was £15500 Partner getting made redundant with £16000 payout for long service. Ebengate advised we need to pay £7000 into iva straight away & retain £9000 to live on, we want to early settle as think partner will struggle to find work. Ebengate saying we need to offer £8500 to try settle early (theres a language barrier so hard to discuss with them) this will leave £500 to live on, partner unhappy about having nothing to show for being made redundant & is desperate for a new car. Is it possable to offer £5000 early settlement after paying in the initial £7000? Any other advise? X
It is your offer to make not Ebengates -- although how they present it to the creditors will carry a lot of weight. However, they are reflecting their parent companies avaricious qualities in grabbing as much as they can.
On a 60 month IVA at £100 per month, creditors are looking at a total of £6000, less fees. They have had £1700 already and, with the £7000 from the redundancy, are already ahead of the game. But are expecting a further £4300 in payments going forward. I would think, due to their close connections and staff sharing, Ebengate would follow Creditfix's new M.O and also expect £300 to cover the variation fee. So I would say an offer of £4600 more than enough: Creditors will be getting everything 'promised' under the IVA terms as well as a £7000 bonus !
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