My son owed £26,000 he has been in Iva for about 3yrs 6mths paying £250 per month he got a new job more money now they want £450 per month I have offered to pay £6,500 to pay his whole Iva off that’s what he got told in December he owed now his supervisor say he has to pay 2yrs money at £450 I made the offer 9th of January she just got back to him today saying she would not take the offer to his creditors.
Because he has had a pay rise and he agreed when he took out the IVA that he would pay the extra into his IVA his monthly payment is now £450. So creditors are now expecting to get a further £8100 ( assuming the usual 60 payment IVA and he rents) --- why did they say 2 years ?
On those figures I would guess that a good offer would be around £7500 --- but I have even seen the full amounts refused.
It is very unusual for a supervisor to give you figures for an offer --- after all, it is your offer to make, not theirs.
Might I ask who your son is with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
