paying off early

[midnight-herald]

hello,

I currently have an iva through debt free direct, have had it since january this year, i work 31.30 hours per week my iva was based upon my guaranteed overtime of 8 hrs per week, i am now about to lose this and go down to the 31.30 hrs which will make me struggle to pay my monthly payments,especially with everything going up
my sister has offered to lend me the money to pay off the iva, I rang debt free direct today and they said i have to request some kind of statement?? before they will do anything, what is this statement called? i had a very bad line so couldnt hear very well,then sods law my credit ran out before i could aske her to reapeat and i got cut off!!!
my first payment was 177 and the rest of the iva is 191 a mnth, how much would a reasonable offer to make be?
any help would be greatly appreciated

thanks[:D]

[MelanieGiles]

It is always dangerous to base a clients earnings on overtime - even if it is guaranteed - because as we all know this can be easily withdrawn.

Ask them to provide you with a settlement figure based upon achieving the original dividend pledged.

[pixie]

Hi Midnight, if you ask them for a settlement figure based on the original proposal you'll eventually be sent a figure based on 100% repayment and fees. This will include a fee for early settlement. I'm sure this is designed just to put you off!!
They'll ask you to make an offer as close to this as possible and send in bank statements/wage slips and a letter from the person lending you the money.
At this point you could either ask them to give you a real figure or make an offer based on how much you would still need to pay based on the original proposal less supervisor fees for each year left to run. They'll then be able to advise if this is enough or not.
Don't expect them to answer anytime soon though! You'll need to keep chasing them!!

[midnight-herald]

Thanks for your replies, gets quite confusing sometimes when they start talking on the phone and go all technical on you, would i be better off waiting until have at least paid my first year?

[pixie]

you can settle at any time and remember that this will take a while to happen. If you're going to be struggling to make payments once you're hours are reduced then there's no point struggling for 4 months before starting the ball rolling.
Don't let them put you off with the jargon!