a family member as said they will pay of iva
I have asked for full and final and they have said it will be £10300 I pay £272 per month can we offer less
over the time scale there was a ppi payment of £35000 and I paid in £7000 from a ppi I was sorting before I took it out
debt at start was £52000 so there as been a lot paid in
You are free to offer a lower figure, but, of course, your creditors are free to decline.
You have paid in around £13k in repayments, £42k in PPI (before or after claims company fees ?--- I will assume they have to be taken off ). After fees around £30k would have hit the IVA pot. So ---- £43k paid in and around £6.5k to pay if the IVA runs to term. What happened to the inheritance ?
To hit full repayment, with fees and interest, on a debt of £52k, would need something like £77k ( so another £34k).
So, unless I have missed something, like the inheritance, or maybe statutory interest has been excluded, I can't see where they have got their £10k from.
On current repayment amount the creditors are expecting £6.5k IF the equity clause kicks in and the IVA runs to term.
They could however give you a figure of your remaining contributions/assets they expect to be paid in to the end of a successful term, which would give you a starting point for any offer you may want to make or they could be giving you the settlement figure, which is a completely different kettle of fish, as Foggy has explained above.
Watch my video here for a bit more detail:
Danieldw54 wrote:Lisa Thomas wrote:Assuming you have a contributions based IVA and no other assets to inject, how many payments are left and how much do you pay?
That figure is your starting point for any F&F.
I have 1 year left with poss extension which I don't under stand I pa £272 month
The possible extension is because you are, presumably, a home owner and thuis is instead of releasing equity ( It is all in your paperwork).
Anyway, with 24 payments left at £272. your creditors will be seeing a further £6528 from you. This is all you need to offer so that they get what they are expecting.
If you can prove you do not (get a valuaiton and redemption statement) then it shouldn't apply and you may then only have 12 months left.
More info can be found in my brief video here:
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