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
Thank you, this sounds alot fairer, now its communicating this to ebengate. Think i will send a email due to language barrier and at least i have it in writing
