Full & Final Settlement

[scrubage]

Hi, Me and my husband have been in our IVA for nearly 4 years, I am currently pregnant with our first baby and a family member has offered to pay off our IVA, but will only give us £3000 and ONLY if we are able to come to an agreement with the creditors in a full and final settlement. We currently pay £352 a month and will have approx 16 months left, what would you consider to be a good offer and what wording needs to be used when writing a letter to the creditors? Many thanks

[MelanieGiles]

Hi there and welcome to the forum

The offer looks a bit low, but if you are able to demonstrate that you will be unable to continue with your IVA payments due to the baby's arrival, it may be possible to persuade creditors of the merits of a lower return.

Talk to your own IP who is best placed to be able to advise, and good luck with the baby!

[scrubage]

Thanks Melanie, I may be able to persude my grandparents to give us a little more money (although all of it would be a loan we would have to pay back at a later stage), what would you consider to be a reasonable offer that would be considered and in the light of our situation, accepted? Many thanks again

[MelanieGiles]

I think £4k would probably be nearer the mark.

[scrubage]

Ok thanks Melanie, might have to leave it a bit closer to the 12 month mark instead then to see if an offer of £3000 would be accepted then, thanks for your help though