Any suggestions on what would be a fair IVA settlement offer?

[ryan719]

Hi all,
Have been in an IVA for two years now, with 38 months remaining. I temporarily took on a new job to which the IVA company are taking half of those earnings away from me and have since bumped my payment from £70 a month to £109 a month. Thought this was a bit unfair as my budget reflects very low on the grand scheme of things (£5 a month for TV and internet?!) and so I tried to increase my budget to reflect the true cost of things to no avail. Even got questioned over something as small as £5 and this has all really p*ssed me off!

My mother is willing to gift me the amount for a full and final and I have since talked with IVA company about this.
£70 x 38 months would have left the payment to be in and around £2660
however, due to my monthly increase (although I tried to argue against this to no avail) I am now being told to offer £109 x 38 which is in and around £4100.

Has anyone had experience with monthly payments being increased like this despite trying to argue against rising costs and then tried for a settlement? Feeling a bit fed up that they are now expecting an additional £1440 due to a temporary second job.

Any suggestions on what would be a fair settlement offer?

[ashbock123]

Would offer a full and final offer of about £3500 hopefully they accept that and can move forward

[Foggy]

I agree with Ash.

Unfortunately there is a level of payment below which an IVA will simply not be viable, and a payment of £70 is actually below the £80 or £90 usually required as a minimum.

I am surprised that an IVA was the best solution at the time.

[ryan719]

I went through PPlan to get my IVA and in the two years, things have generally been alright. Bit of hassle here and there and numerous case officer changes. So feels like I’m passed about a bit and as such, I’ve actually been incorrectly advised a few times in the past month.

However, hoping to put it all behind me and move on from the IVA. If I was to offer the £3500 and they rejected, would I then be allowed to resubmit a new offer?

Thanks for the help Ash and Foggy, really appreciated it.

[Foggy]

You can generally counter with an improved offer --- but maybe only the once as it is supposed to be the best offer first time.

Best of luck.

[Lisa Thomas]

£3.5 seems attractive given the number of years you have left.