Instead of paying extra 12 months

[norman]

As I said in previous posts my hubby has been informed he cannot remortgage so has to go another 12 months at £211 instead he would like to pay £5.000 upfront to bring this to a close , since both our IVA's stopped last September we have saved the money instead of squandering it ,would we be able to offer this as a F&F instead of the 12 extra months, my son would be making up the rest to £5,000 ,or would they not believe this is money we have saved since our IVA ended last September ,scared to offer this genuine amount in case they think we shouldn't have been able to save that money ,really speaking as you said before he is only obliged to pay the £211 a month for 12 months but would rather give them an incentive to end it sooner .

[abbiesmum2003]

Why are you offering £5000 when 211 x 12 months is only £2532?
The creditors are only expecting to get another £2532 so offer them perhaps more around the £2000 mark to end now.
Is that right foggy????

[norman]

Iv'e already discussed this the other day ,its because he still owes £10,000 so trying to pay as much off as possible ,just so relieved to have got this far ,it was more to see if we could use our own money accumulated since we stopped paying our IVA's last September to pay towards closing this down as having read on here it can't be your own money ,so just checking before hand .

[abbiesmum2003]

Yeah i read your post the other day and it was said then about only paying back X amount and the rest is written off.
If Creditors agree to the extra 12 months at £211 they are agreeing to £2532 then end of IVA amd write off any outstanding debts.
Thats all you need to be offering in a F&F.
Unless theres a clause where you agreed to repay back every penny or a
minimum dividend you dont need to offer over double what they are expecting.
If you only pay the next 12 months and dont do this F&F theyd only get just over another £2k....they aremt expecting (or rather shouldnt be expecting) another £10k.
You only repay what is in your plan and the remainder written off at the end of the IVA.
Does that make sense? they may question where the money is coming from if you are able to offern so much more.

[luluj]

Agree - you only need to offer £211 × 12 ... an offer of £2000 is probably all that it would take.
However the time it takes to put the offer together, get creditors to approve etc I start to question the real need to do it as it is likely not to save you any time in the long run, and won't quicken the healing process of your credit report.

If it were me, I would be seeing it through monthly now, and continue to build your savings pot for after the iva concludes.