I want to pay one-off payment, how should I propose the payment?

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sufang
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by sufang » Sat Apr 14, 2018 4:42 am
Hi, I am on debt 40,000, i want to pay one-off payment as I got some money from my parents(18,000),I have two creditors, one I own 30,000, the other 11,000, how should I propose the payment , is there any likely they will accept
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Foggy
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by Foggy » Sat Apr 14, 2018 8:46 am
Simply write to each creditor telling them that a relative has offered to assist in offering a pro-rata sum in full and final settlement of the outstanding debt.

The letter template here could be adapted: https://www.iva.co.uk/letter5-offer-of- ... settlement

On a £40k debt pro-rata offers would be in the region of £4500 for the smaller debt and £13500 for the larger debt. On the face of it they would be getting more than they would if you entered an IVA and not incurring the associated costs.
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Lisa Thomas
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by Lisa Thomas » Mon Apr 16, 2018 8:37 am
I would think in those circumstances you should avoid an IVA altogether and approach the creditors and do a deal direct, saving on costs.
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