What would be a reasonable amount to offer to discharge IVA in my case ?

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andy905
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by andy905 » Mon Dec 11, 2017 5:57 pm
I am currently 18 months into an IVA and have paid £2,500 thus far. My current payments are £181pm and due to increase to £290pm from Oct 2018 (due to a car HP coming to an end) my total debt was approx £44,000. and i will pay approx £13,000 back in total (the property will no doubt be removed see below, therefore taking away the additional year)
here is the thing...I am currently getting divorced, as such the property is likely to be transferred into my ex wife's name by the Matrimonial Courts. it is also likely that my surplus to pay to the IVA will decrease.
I am trying to work out how much i would need to raise to discharge the IVA at this stage, as I have someone willing to provide the money to discharge it, but only if it is affordable. does anyone have any idea what would be a reasonable amount to offer?

Any advice greatly appreciated.
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luluj
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by luluj » Mon Dec 11, 2017 6:30 pm
I would suggest a figure of around £10,000 based on the figures you provide in your post.

You need to insure the offer of third party funds is clearly written that the money will not be available to you should the f&f be refused.
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Foggy
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by Foggy » Mon Dec 11, 2017 7:29 pm
Until such time as the fate of the property is decided you cannot take it out of the equation and the creditors might well want to see a 12 month increase in compensation for the loss of the asset. Considering that, by the time the F&F goes through, you will have paid a little more in regular payments and will be saving both creditors and IP a about 3 years administration costs, as well as providing the security of a lump sum in an uncertain future. I agree that an offer of £10k would be considered sympathetically. However, it is impossible to say what creditors will or will not accept. I have seen very low offers accepted as well as high ones refused.
Best of luck.
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