What would be a reasonable full & final offer for IVA?

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Post by rachael606 » Mon Oct 11, 2021 11:18 am
What would be a reasonable full and final offer for completing my IVA??
I currently pay £435 a month and I have paid 30 months already.
I have been diagnosed with terminal breast cancer, so I have been able to obtain my personal pension early??
Would my situation be taken into consideration when offering a final IVA payment?? Many Thanks


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Post by Foggy » Mon Oct 11, 2021 12:18 pm
Are you a home owner ? If so the offer will be increased by 12 payments to mitigate equity release (assuming that clause would have been triggered). If you rent, then you have around 30 payments left, so creditors are expecting a further £13k --- I would have thought an offer around £10k would be looked at seriously.

The fly in the ointment here is that, if you have drawn down your pension already, this could be looked at as a windfall and payable into the IVA anyway --- unless, as it is in some cases, that pensions and proceeds were excluded in your terms.

However, in the circumstances, I would hope that your IP and creditors show a modicum of humanity, do not split hairs and agree to a full and final offer. Yes, the circumstances will be taken into account and a smaller offer might be considered. I would suggest a full and frank chat with your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by luluj » Thu Oct 14, 2021 6:34 pm
Nothing more to add from what foggy has said, other than to say sorry for hearing your news and I wish you nothing but good vibes whilst you go through this difficult time x
Sharing from experiences of dealing with debt

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