I am currently in an IVA, just paid month 44.
So I only have 18 months left in my IVA (missed 2 payments early on).
My debt was roughly £49k and paying back 0.48p in the £. Paid back to date £16,484.72.
Ive got 14 months left at £410 and 4 months left at £500. So £7740 left to pay.
Also in year 5 I am due to remortgage £5k equity but that wont be happening as I dont have any. DFD havent stated anything about a 6th year and I rang them and they said they "presume" nothing will happen.
Basically i've only been doing my job to pay for my IVA other wise I would of left 4 years ago. My parents said on my 4th year anniversary which is November 10th they will "give" me the money left to pay the final year of my IVA so I can leave my job at the end of the year. I would have around £5800 left to pay. How much would I say to my parents it will cost ? The full £5800 ?
Also DFD messed my initial debt up by £3k. But its still on my case as being owed.I know it doesnt really matter but its still 0.48p in the £ and £3k is still £1440.
What do you think would be a sufficient offer ? Also its annoying when you read it takes something like 3 months to arrnage it as its basically 3 more payments. Surely you can knock this off the offer as it sounds a simple con ?
The 48p in the £ would presumably have included the £5k equity release which as you say is not possible. Therefore creditors will be looking at a reduced dividend whatever happens and may be happy with a settlement now.
Contact Declan who posts here as an expert and he should be able to help. If you are proposing the variation for November anyway it should be in place in time for the anniversary.
Hi Mikey
I’m more then happy to look into this and if you would like to email me directly (details can be found on my profile under the experts section) I'll pick this up today. I would also like to apologise for any mess up on our side and I aim to ensure this is resolved. I haven’t been on the forum much in the last week due to additional work but i will be picking up all emails and respond on the forum as much as possible.
They must not "presume" about your requirements during the final year with regard to equity raising - I am sure that Declan will be encouraging his colleagues to consult creditors if the position is unclear.
