15 months remaining in IVA, what would be appropriate F&F offer amount?

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Sue.81
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by Sue.81 » Wed Jun 28, 2017 10:28 am
I am currently in my 3rd year of my IVA. I have 15 months remaining. The initial IVA payment was for £509.00 per month. I have received commission over the years which has been paid in and have currently had a payrise so I am now paying £711 per month. If I had just paid in my original amount I would have paid back £30,540. I have currently paid in about £41,000. If I continued for the next 15 months I would have paid an additional £10,665 meaning total payment of £51,665. A Friend of mine has approached me to say they would help me with a full and final offer. They have about £10,000 but may be able to get a little bit more. What do you think would be an appropriate offer to make that would be accepted. Your help would be greatly appreciated.
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Michael Peoples
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by Michael Peoples » Wed Jun 28, 2017 10:53 am
£10k sounds just about right unless there is a property with equity which needs to be addressed. This will give you a small discount but allow you to keep the overtime, bonus, commissions which in my opinion is a fair balance.
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Foggy
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by Foggy » Wed Jun 28, 2017 11:40 am
In view of your payment history I would say that £10k is a generous offer and should be looked at seriously by your creditors. You might want to consider mentioning that the lump sum will reduce by payments made whilst waiting for the outcome of the meeting. This really depends upon who you are with -- some prepare a variation and conduct a meeting promptly, others ... well ... not so promptly.
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Lisa Thomas
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by Lisa Thomas » Wed Jun 28, 2017 12:28 pm
I would even consider offering less - say £8k. They can only say no and you could then increase it...
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