I have recently been diagnosed with MS and as a result my brother has kindly decided he would like to offer a settlement figure to my creditors as a gift to help me take back some control of my life. I have cleared £6149.94 of an IVA of £8999.94. Could you please advise roughly how much he should offer for a successful result?
You should try and offer the remaining payments but I would try and make a lower offer given your circumstances - try £2k? They can always ask for more but make sure that they know this money is only available for a full and final.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sorry to hear of your circumstances. Your brothers generous offer should hopefully be agreed by your creditors. Having a friend just diagnosed as well I can fully understand the desire to do this to help you move forwards in some way removing one of the barriers for you.
Best wishes and let us know how you go
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thank you for your concerns.
My brother has offered £1850 and combined with my usual payment of £150 this does actually make our full and final settlement offer £2000. I've sent the offer off today via email. Due to my recent health issues I'm hoping my 100% payment record over almost four years will help put me in good light with the creditors.
Hi Andrew - the offer should be based on the amount of payments you have left.
The balance of your debt is possibly academic as I presume you have not taken costs into account, so creditors won't have received the full £6k that you have paid.
We have made an offer of £2000 this morning . Could you please tell me if you feel this is a good offer given the circumstances? The main issue I have is the increasing amount of time off work I'm having to take due to illness and various hospital commitments.
I live in a council home so there is no equity clause luckily. Should our offer be rejected are the creditors likely to reply with a counter offer? Or would I need to make a new offer? asking them to take the lump sum towards my total IVA and then so many more monthly payments something like that? Sorry to be a pest.
Creditors can put forward a 'counter offer' (modification) but don't let on to the IP that there are more funds available as they are then likely to advise creditors to reject the initial offer.
The problem is there is no crystal ball to show you what creditors will accept, if anything. The more attractive the offer the more likely it would seem for it to be accepted.
Wow this has been processed already. Helpful IP pushed it through same day I sent the documents across [:)] Hopefully this is a good sign! I will no the result pm 2nd September. I'll let you guys know how it goes.
Good news - fingers crossed that it goes your way.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
