Acceptable figure to offer full and final settlement

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chris815
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by chris815 » Mon May 22, 2017 6:24 pm
Hi, I want to make an offer of full and final settlement on my IVA . On the agreement it states that there is a total realisation of £6840 WITH SURPLUS AVALIABLE TO CREDITORS OF £4092.48.
what would be an acceptable figure to offer to settle early. Thank you.
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Foggy
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by Foggy » Mon May 22, 2017 6:45 pm
The base figure would be your monthly payment multipied by the number of payments remaining (add 12 if you have equity to deal with) so the creditors are getting what they signed up for. This can sometimes be rounded down a little to reflect circumstances and savings in admin costs --- but, obviously, the bigger the better (size DOES matter ! ).
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Lisa Thomas
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by Lisa Thomas » Tue May 23, 2017 1:51 pm
How much are your (presumed) monthly contributions and how many months do you have left?

Assuming you have standard protocol IVA terms, do you have an equitable interest of over £5k that would kick in an extra 12 months on top?

As Foggy says this is what you base your offer on.
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