Currently in a DMP and receiving lump sum. Advised f&f iva.

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by jo822 » Sat May 06, 2017 3:56 pm
Hi there, I am currently in a DMP however I am receiving a lump sum in the next few weeks and I have been advised that the best way forward would be a full and final Iva, how much in your experience would be a suitable offer?

My current debt is roughly £33K

Would an offer of 20% be enough to write off the remaining 80%?
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by Foggy » Sat May 06, 2017 4:31 pm
It really depends on what money would otherwise be available to the creditors. You need to chat this through with your IP. 20% could well swing it ... but you need, also, to consider if you need a lump sum IVA, or, if it is likely your creditors would accept a direct approach to each simply offering £x in full and final settlement.
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Michael Peoples
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by Michael Peoples » Mon May 08, 2017 8:22 am
A lump sum IVA is often accepted but creditors but if you still have a surplus income creditors will want this money in addition to the lump sum. Therefore if your windfall does not affect your income and expenditure account a five year arrangement may be sought.
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Lisa Thomas
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by Lisa Thomas » Mon May 08, 2017 2:51 pm
You might be able to do a deal direct rather than go through a formal IVA process.

It would be a lot of legwork from you, but depends how many creditors you have really.
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