Hi I need some advice. I have just over a year left of my IVA. I am paying £438.59 into my IVA each month. The stress of the whole situation is awful and having an adverse effect on my mental health.
My parents are offering to give me money as a gift make a final, lump payment and close my IVA early. In your opinion, how much do you think do you think would be a reasonable amount to offer. Would £3500 be ok or too small an amount to offer? Would I be better off offering £4000? My parents have said they will be able to give me the money as a 'gift'.
Any help or advice you could give me would be most appreciated.
Assuming you do have 12 months left and are not a property owner (so no equity to confuse matters) your creditors are expecting to see a further £5263 from you. Normally you can reduce this by their savings in administration costs, but a year isn't going to save them much -- consider also that it will take 2 or 3 months to put an offer through and cost them an extra £500, or so, in fees. So ....I would have thought nearer the £5k mark. That said, I have seen very low offers accepted ( as well as high ones refused).
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