I have 32 months remaining on my IVA. I pay £100 per month.
Due to circumstances a friend has offered to clear the debt.
I offered £3200 and Creditfix have come back saying I have to offer the £3200 + £300 fee + £1200 for an additional year due to no equity = £4700. Can I offer £3500 ????
It is not for CF to dictate what you offer -- it is YOUR offer, not theirs and it is to the CREDITORS, not to CF. However, the creditors will be heavily influenced by how CF present the offer !
CF are, as far as I am aware, the only firm to make you pay the variation fee on top of the offer ( normally it comes out of the offer sum). They are very fee focused and are merely, greedily, making sure their pockets are lined first.
On the 12 extra months, unless you can prove that there is not going to be more than £5k equity at what would be month 54, it is common practice to add this on.
CF do hold the cards and have no qualms regarding putting their own interests first.
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