I started my joint IVA in September 2018. The IVA is about £22000 (with supervisory fees it’s £23500.) So far I have paid £1,350 towards my IVA. I have been given the opportunity from a family member to offer £20000 to settle the IVA. Do you think this will be accepted by the creditors?
It may be - you need to speak to your IP company and make sure they know the money is only available for a full and and final and will be withdrawn if not accepted.
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
We have made 9 payments of £150. The £22k is the original debt figure and is both mine and my partners combined
Thank you. Usually a F&F offer is based on payments remaining -- so that the creditors get near to the amount they have agreed to get over the term .... so in your case they are expecting (assuming a 5 year term) a further £7650 (or if you have property either a sum from equity release or a 12 month extension, so a further £1800).
So -- they are currently looking at getting around £9.5k .... in dribs and drabs over the next 5 years (having assumed a 12 month equity release extension). To get this in a lump sum, now, would save them a chunk in admin costs as well as release them from the IVA ( they don't like being in them either).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy. I did think that if we stayed in the IVA for the full term that they would be getting £9000-£10000 however if I offer a F&F now, this way they’d basically be getting double
