Final settlement

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leedsfan

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Post by leedsfan » Wed Jul 25, 2007 8:30 am
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Hi I wonder if anyone can help me as i am a bit confused. I have been in an IVA for two years now. My debt was £27000 and my creditors have acccepted .27p in the pound. I am paying £258 per month.I have the opportunity for a family member to give me the money to possibly clear it.With a final settlement offer do i need to offer the 0.27p in the pound for whats left, what happens abouth the fees etc?
I have worked out that 27p in the pound is 7290 on the full debt which would leave £4374 + any fees. what do i need to offer my relative can give me £7000 but i don't know whether this would be acceptable?Any help would be greatly appreciated
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Oliver

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Post by Oliver » Wed Jul 25, 2007 9:38 am
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Your total IVA commitment was £15480 (60 payments @ £258). You have currently paid £6192 (24 payments @ £258) so you have c£9288 remaining. An offer of £7000 may be acceptable as the IP won't need to manage your account any longer but you may find that the IP advises you to get nearer the c£9k outstanding.

Talk to your IP and put the £7k offer to them to guage their feelings.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
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