I have completed 2 years of my IVA arrangement, I pay £144 a month and have 4 years left, my grandparents have offered to pay my IVA off with a full and final payment, as I need to move out of my parents house due to my mum falling ill and needing to move house to another. This would then affect my monthly payments, I pay £350 to live at home now but this will rise due to paying bills etc. I don't know how much my new outgoings would be so would rather just get rid of the IVA hanging over me.
How much do you recommend would be the best amount to offer for a full and final payment and would my reasons be enough to justify doing an F&F. I was thinking around £5000. But has anyone heard of them taking anything that low? My payments would be £144 x 48 = £6912 left.
You would be saving the creditors some 4 years of messing about with small dividends, so a reduction on the remaining payments is possible. I think, given that saving along with the possibility of a reduced payment, or the IVA even failing due to upcoming changes, that the offer of £5k would be looked at seriously.
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