Thinking about offering a Final Payment

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Podyak
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by Podyak » Wed Oct 04, 2017 7:29 am
Hi there,

I am 16 months in to my IVA. My debts were £9k and I pay £120 a month.

I’m looking to move forward with things and start saving for a house etc and I understand whilst on an IVA you cannot save as any spare income is to go towards this.

So 44 x 120 = £5,280. Do you think an offer of £4,000 is sufficient enough? My brother would be able to offer this.

Thanks in advance.
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Foggy
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by Foggy » Wed Oct 04, 2017 8:34 am
I think £4,000 has a chance,considering the savings they will be making on administration over the next few years. Definitely worth a chat with your IP.
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Lisa Thomas
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by Lisa Thomas » Wed Oct 04, 2017 4:31 pm
Sounds reasonable to me.
Podyak
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by Podyak » Wed Oct 04, 2017 4:42 pm
Thanks for your responses.

So would I offer this and then any following payments I make to the IVA whilst the offer is going through the stages come off this total?

So for example I offer £4000 but it takes 4 months to be accepted. 4x120 = 480 so the payment is £3520?

Regards
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Foggy
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by Foggy » Wed Oct 04, 2017 4:53 pm
Podyak wrote:
Thanks for your responses.

So would I offer this and then any following payments I make to the IVA whilst the offer is going through the stages come off this total?

So for example I offer £4000 but it takes 4 months to be accepted. 4x120 = 480 so the payment is £3520?

Regards



Yes, but do make this clear in your offer. At least one firm states (incorrectly) that this is not acceptable -- coincidentally they are one that takes a lot longer to arrange these things too.
Podyak
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by Podyak » Wed Oct 04, 2017 4:59 pm
Excellent Foggy, I will give them a call and keep this updated with any news!
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Lisa Thomas
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by Lisa Thomas » Thu Oct 05, 2017 3:47 pm
As Foggy says get everything in writing that any contributions paid in the meantime will be deducted form the lump sum offer.
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