Settlement offer

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Iva1

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Post by Iva1 » Sun Nov 01, 2020 3:17 pm
I have 11 payments left on my iva. My husband has offered to gift me the money to repay my IVA early. The total amount outstanding is £1000, if I offer £1000 settlement would this be accepted? Company concerned is creditfix

Foggy

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Post by Foggy » Sun Nov 01, 2020 3:28 pm
CF are renowned for initially refusing offers less than full repayment of debt and fees, but do back down when challenged. Unfortunately you would gain little in a lump sum now -- it would take around 3 months before the offer was put to creditors, saving you only 8 months ( and if not worded correctly, costing you more). You will not gain annything, really.
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

Iva1

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Post by Iva1 » Sun Nov 01, 2020 3:39 pm
I'm currently on a payment break until March 2021 so if accepted i would still save 11 months. My iva started in Feb 2015, when will it be off my record if they were too accept a lumpsome asap?

kallis3

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Post by kallis3 » Sun Nov 01, 2020 4:06 pm
I presume you will have your missing payments added on to the end of your IVA?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Iva1

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Post by Iva1 » Sun Nov 01, 2020 4:09 pm
Yes, so i have 11 payments left of £90 each.
However i have 15 months remainding on the iva.
I am considering giving up work in February as i have no childcare which would mean i able no longer able to afford the £90 per month, hence wanting to pay a lumpsome to end it early.
I would offer the full amount owing of £990 as a lumpsome.
Hope this makes sense

kallis3

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Post by kallis3 » Sun Nov 01, 2020 4:19 pm
I am a little confused. If you have 15 months left on your IVA, how do you only have 11 payments left? Your payment break will surely add on to your payments.

Sorry for being thick. :)
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Iva1

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Joined: Sun Nov 01, 2020 2:03 pm

Post by Iva1 » Sun Nov 01, 2020 4:20 pm
Yes so 15 months includes my payment break. Then 11 months payment will beging after 4 months break.
Lol its me not explaining well.

Foggy

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Post by Foggy » Sun Nov 01, 2020 5:05 pm
It will come off your credit record 6 years after the start date, assuming all the completion formalities have been taken care of.
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

Iva1

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Post by Iva1 » Sun Nov 01, 2020 5:14 pm
What if it is not complete after the 6 years.? Will it only stay on until its finished?

kallis3

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Post by kallis3 » Sun Nov 01, 2020 5:31 pm
If it's not completed after six years it will stay on until your IVA company inform the credit agencies that you have completed and then it will be removed, Similarly, the Insolvency Register will be informed and it can take up to three months for it to be removed from there. You would also need to check your records to make sure any defaults are not shown after the date your IVA started.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Iva1

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Joined: Sun Nov 01, 2020 2:03 pm

Post by Iva1 » Sun Nov 01, 2020 5:46 pm
Ok that is great thank you for your help
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