Harrington Brooks and IVA nightmares

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annejo2001
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by annejo2001 » Sun May 21, 2017 2:27 pm
My partner is in an IVA with Harrington Brooks. The credit owed at the beginning of the IVA was £22,306.87, I appreciate that there are fees applied to this figure but he has already paid back £25,600. If he continues to pay the amounts he will have paid back over £32,000!!!

He has 13 payments remaining, 12 x £506.76 and 1 x £451.31. Total of £6532.43. We would like to make an offer of £5000 to end the IVA early. do you think that this would be acceptable? Thank you.
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Foggy
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by Foggy » Sun May 21, 2017 3:06 pm
I would think that the offer would be looked at favourably, although these things are impiossible to predict.

Incidentally, on a debt of around £22k, to make full payment in the IVA you would be looking at paying in something of the order of £35750.
annejo2001
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by annejo2001 » Sun May 21, 2017 3:13 pm
Thanks Foggy, if we offer then how long would it normally take to get a response?

Would he continue to make payments whilst we wait for a response?

Many thanks
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Foggy
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by Foggy » Sun May 21, 2017 4:56 pm
It does vary, according to the speed ( or lack of) of the IP. It should take a couple of weeks to draft and then a couple to give notice to the creditors, but often takes around 2 months. Unless the variation is brought about by the inability to pay it is usual to continue payments in the meantime (which makes the offer sweeter). If the time delay becomes protracted you can tell them that you will deduct payments made after a given date from the lump sum.
annejo2001
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by annejo2001 » Sun May 21, 2017 5:46 pm
Thanks for your help, the letter is written. Fingers crossed :D
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Foggy
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by Foggy » Sun May 21, 2017 6:26 pm
Best of luck.
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Lisa Thomas
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by Lisa Thomas » Tue May 23, 2017 10:24 am
Be quick with your offer as some firms take months to deal with it and it might not be worthwhile given 13 months to go.

Make sure the offer includes terms to deduct any contributions paid over in the meantime whilst a decisions made by the creditors.
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