IVA Early Settlement

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luki0700

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Post by luki0700 » Sun Feb 02, 2020 7:42 pm
Hello, I'm almost 2 years 4 months into my IVA and I'm paying £140 a month. My mom offered help to settle my IVA early. She said she could give me £3400 to pay it off, don't give it back and just forget about it but I still have around £4400 to pay over next 32 months. Do you think I have any chances of this being approved?
If not I probably will have to ask them to reduce my payments by £20 if possible and at the end of my IVA they would get only £400 more than I would offer now.

Foggy

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Post by Foggy » Sun Feb 02, 2020 8:12 pm
Sun Feb 02, 2020 7:42 pmluki0700 wrote:
Hello, I'm almost 2 years 4 months into my IVA and I'm paying £140 a month. My mom offered help to settle my IVA early. She said she could give me £3400 to pay it off, don't give it back and just forget about it but I still have around £4400 to pay over next 32 months. Do you think I have any chances of this being approved?
If not I probably will have to ask them to reduce my payments by £20 if possible and at the end of my IVA they would get only £400 more than I would offer now.
If they agree to the reduction. You have 32 payments left, so £4480 -- it takes around three months to get a F&F settled -- so that would bring it down to around £4060, which makes £3400 a reasonable offer. Of course, there are no guarantees, but I would say it is worth a try.
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

luki0700

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Joined: Sun Feb 02, 2020 7:30 pm

Post by luki0700 » Sun Feb 02, 2020 8:30 pm
For the first 2 years I've been paying £130 but on my last review it's been increased to £140 because I've been doing a 50hrs a week + overtimes but now I'm working somewhere else, I've got £150 a WEEK less than last year and I have to move with my girlfriend to different flat because of the mold and general condition of the place and this will be difficult because of my credit score (at least her is good).
It would be so much easier to have that £140 a month extra.

I'll give creditfix a call first thing in the morning.

Foggy

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Post by Foggy » Sun Feb 02, 2020 9:00 pm
CF have been known to push for the full outstanding amount --- but it it YOUR offer to make, not theirs.
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

Lisa Thomas

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Post by Lisa Thomas » Mon Feb 03, 2020 9:46 am
You could always wait until you've made a few more payments and then put the offer forward.
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
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