What would a reasonable final settlement offer be... I pay 358 per month and have 3 years left... Plus equity in my house
By the time i have paid the next 3 years i would of nearly paid what i owed in the first place.
During an IVA you always owe the balance of the original debt, plus fees and possible statutory interest. Getting close to that mark with a F&F offer would put you in good stead with creditors.
F&F offers are based on remaining payments, so your creditors are expecting another 36 regular payments of £358 plus a bite at equity release. At this stage we mitigate that by adding in the 12 month extension applied when equity cannot be release, being the least creditors are expecting. So, in total the offer should be based on 48 payments of £358, which comes to £17,184.
Now at this stage, with a healthy monthly payment and a high anticipated return, you could reduce your offer, slightly, to reflect time saved and admin costs saved, dealing with small, regular, dividend payments. I would venture an offer in the region of £14k - £15k. Always remember that the higher the offer the better chance of them saying yes. As usual my caveat is that I have seen 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