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

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1


User avatar
Posts: 1
Joined: Sat Apr 14, 2018 4:42 am

Post 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


User avatar
Forum Expert
Posts: 28111
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post 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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

Lisa Thomas

User avatar
Industry Expert
Posts: 7261
Joined: Wed Dec 03, 2014 10:26 am

Post 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.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”