Should I offer a lump sum?

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mr174
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by mr174 » Thu Sep 06, 2018 6:32 pm
I Have one year left to pay on my IVA. Presently I am paying £100 per month.My children have offered to lend me the money to finalise my agreement with Creditfix. Is this a good way to end my IVA and become free of debt again or are their hidden factors to consider before I go ahead.
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Bex12
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by Bex12 » Thu Sep 06, 2018 6:46 pm
mr174 wrote:
I Have one year left to pay on my IVA. Presently I am paying £100 per month.My children have offered to lend me the money to finalise my agreement with Creditfix. Is this a good way to end my IVA and become free of debt again or are their hidden factors to consider before I go ahead.


Hi I only have 7 months to go with my IVA and I have submitted a F&F have my creditors meeting 2 weeks tomorrow not that I’m counting!! I did think about leaving it to run but when a family member offered me the money to settle early the thought of being able to at last being free from the terms of the IVA was to tempting to ignore.
I am also with CF and they have been really good and quick with setting up the creditors meeting etc. The stress of waiting for the meeting is immense tho and I have everything crossed it will be a positive outcome!! :roll:
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Foggy
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by Foggy » Thu Sep 06, 2018 6:52 pm
You could end it early this way -- by offering the lump sum as a full and final offer. However, you are cutting it fine, as it takes a couple of months to set up (and CF have recently had a few problems setting up variation meetings, resulting in delays. Make sure you specify that payments made in the interim will be deducted from the lump sum.

Ending early will only result in you not having to make regular payments and not be bound by the IVA. Your credit record will not clear up any sooner.
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abbiesmum2003
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by abbiesmum2003 » Thu Sep 06, 2018 8:23 pm
To be fair to Creditfix, now things are moving again they are actually moving.
They seem to do a lot 'behind the scenes' they just forget to keep the client in the loop!
If you own property you need to take into account the equity side of things as well as the value of remaining term payment when producing your F&F figure.
And like foggy said consider wordinn it so each month they delay youll deduct it from your offer.
They seem to agree to most sensible realistic genuine offers so if take into account what creditors are expecting to get back if ran to term you should be successful.
good luck.
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Lisa Thomas
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by Lisa Thomas » Fri Sep 07, 2018 8:20 am
I would say it's probably not worth it with only 12 months left to go.
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