What would be an appropriate amount to offer as a full and final IVA settlement

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Sean.79
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by Sean.79 » Wed Nov 14, 2018 7:34 am
Hi my IVA is due to end in April 19 however we had an 8 month break while my wife was pregnant so it should finished December 19. We pay £220 a month. My brother has offered to pay a Final Settlement to end it December 18. What would be an appropriate amount to offer as a full and final settlement.
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Foggy
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by Foggy » Wed Nov 14, 2018 8:00 am
12 x220 .. so an offer should be based on £2640. As you are only shaving a year off of the term the creditors will not be making much in the way of admin savings, so there is little scope to reduce this figure by much. Also these offers take a few months to get through, so mention that you will be reducing the amount by whatever is paid into the IVA after December 18.
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Lisa Thomas
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by Lisa Thomas » Wed Nov 14, 2018 11:28 am
Some firms are so slow at dealing with the necessary variation meeting than it might not be worth proposing a F&F with only 12 months to go.

The benefit will be you get to take back control of your finances and keep any windfalls etc but other than that your credit rating will still be damaged for the 6 years regardless if you finish early.
stanley2018
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by stanley2018 » Wed Nov 14, 2018 12:59 pm
Foggy wrote:
12 x220 .. so an offer should be based on £2640. As you are only shaving a year off of the term the creditors will not be making much in the way of admin savings, so there is little scope to reduce this figure by much. Also these offers take a few months to get through, so mention that you will be reducing the amount by whatever is paid into the IVA after December 18.


Guess what foggy I received my CC today and I'm over the moon. .Can't believe it.
My financial life begins now.!!.
Thanks for your posts they've been a big help. ..
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Foggy
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by Foggy » Wed Nov 14, 2018 2:30 pm
stanley2018 wrote:
Foggy wrote:
12 x220 .. so an offer should be based on £2640. As you are only shaving a year off of the term the creditors will not be making much in the way of admin savings, so there is little scope to reduce this figure by much. Also these offers take a few months to get through, so mention that you will be reducing the amount by whatever is paid into the IVA after December 18.


Guess what foggy I received my CC today and I'm over the moon. .Can't believe it.
My financial life begins now.!!.
Thanks for your posts they've been a big help. ..


Thank you Stanley and congratulations on getting that certificate !
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