Making a final offer

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Adam_7985
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by Adam_7985 » Tue Oct 03, 2017 9:30 pm
Hi, this is probably a no go but I have an IVA with £23k left to pay, my total debt is £36k, I have only made one payment of £439 so far, a family member mentioned that they would gift us £10k to pay off as a lump sum, is there any chance this would be accepted as an final figure or do I still owe to much, I don't want their money to just be swallowed up by interest and fees
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sheraz.butt
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by sheraz.butt » Tue Oct 03, 2017 9:41 pm
As you have just started, there is still quite a lot of debt remaining plus the supervisor fees.

As you are able to maintain your payments which is quite significant, they could easily want you to pay them the 10k plus maintaining your payments for the duration.

I'm sure the money would only be available to you if it was accepted on your IVA as a settlement so putting this to your IP will do you no harm if rejected.
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Foggy
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by Foggy » Wed Oct 04, 2017 6:44 am
As Sheraz says, this might be a little light... but I have seen low offers accepted before, so worth mentioning to your IP. You should make sure they understand that this is a full and final offer made up of third party funds. If the offer is rejected then the IVA will continue as currently agreed and the third party will retain the funds, which will not then be available.

Also, some arrangements have a clause barring variation offers within the first 12 months put in by creditors at the initial meeting, so this needs to be checked.
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Lisa Thomas
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by Lisa Thomas » Wed Oct 04, 2017 4:30 pm
It's always worth asking - they can only say no...
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