Lump sum offer in 1st year.

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Debtlife

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Post by Debtlife » Tue Jun 30, 2020 12:29 pm
I am now fixed into an Iva of a payment of £180 a month for 5 years.. I have had my Iva for around 4 months, a friend has offered to potential gift me the amount of between £7/10,000, to end my Iva for me as a full and final figure.
I believe the total from the start for my Iva at £180 a month for 5 years totals around £10,800.
I know it’s very early but I thought they may want to get it over and done with and not have to deal with any admin fees etc.

All responses appreciated!

Foggy

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Post by Foggy » Tue Jun 30, 2020 2:12 pm
So 56 payments (assuming you do not own your home) of £180 --- the creditors are expecting around £10,000 still to come.

Creditors are as happy to get IVA's over with early as you are -- it saves them messing around with small dividends every few months for the next 4 and a half years.
Some will depend on the original debt and how much creditors are already losing but there is scope to reduce that £10k to 9, or even 8k. Obviously the higher the more chances of them saying yes.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Foggy

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Post by Foggy » Tue Jun 30, 2020 2:14 pm
Duplicate posts have been removed to keep all replies in the same place.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Debtlife

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Joined: Tue Jun 30, 2020 12:15 pm

Post by Debtlife » Tue Jun 30, 2020 7:00 pm
I own my home with my wife(non Iva) but no equity in property from when they set out the Iva..

So yes if the full terms £180 added up is around £10k so if I managed to get a gifted 10k could
This potentially be over with ?

Thank you for your response!

Foggy

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Post by Foggy » Wed Jul 01, 2020 8:15 am
Owning your home will put a slightly different slant on things. Even with no equity now, the situation is due to be revisited at the end of the IVA, when things might have changed. So - the creditors will also be expecting some equity release or, if that is not possible, 12 extra payments. So that £10k is becoming more like £12k. However, I think it would be OK to round that down to £10k, so, yes, if you can get 'gifted' that sort of amount, a F&F offer might well be accepted.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Debtlife

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Joined: Tue Jun 30, 2020 12:15 pm

Post by Debtlife » Wed Jul 01, 2020 8:35 am
Perfect thank you!:)
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