Eliza,
I don't know your personal situation, other than that posted. IVA's are a relatively new concept to me so I am just giving my opinion as a layperson.
Work out what you have paid to date since starting, deduct this from the total debt plus IP fees till the end of your term, what is that number ?
Let's say for example you still owe £26k as you state above. At your current rate of monthly payments over the remaining course of your IVA how much off that will you pay ? Let's say hypothetically it works out at £20k, that is assuming there is no change in circumstances.
Now, thinking risk, if your partner/husband is made redundant or goes long term sick they will have to source an alternate employment, perhaps this isn't easy these days, or perhaps the only job they can secure pays much less, how much would your monthly repayments drop to ? The IP may have to call a creditors meeting to renegotiate the IVA as I understand it if the drop is considerable, now assuming that new rate over the remaining term of the IVA how much will the creditors now receive back ? What of your husband/partner now can't receive get a job ? The figure changes dramatically.
Making an offer today roughly the same, or perhaps marginally less than they would receive over the term of the IVA from a creditors risk perspective when faced with the consequences of mandatory redundancy with no enhanced package would be stupid, the only losers would IMHO be the IP company as their fees would be less as the annual fees are reduced.
Also what does your agreement say, does it say you can retain 6 months pay for redundancy payment, I don't know what your partner/husband earns but redundancy less 6x monthly salary of net take home pay may actually leave less than £20k, let's say for example your partner took home £3k a month, 3x6=£18k package that you're allowed to keep if it takes 6 months to find a job. That might not leave very much.
What if he can't secure further employment, all these things are things IMHO your Ip firm should be thinking, As Michael says above, even he thinks it would have a chance of success.
I know you can't put forward the offer without knowing what it is,but surely the terms of such an offer could be full and final amount of £x paid within Y days/months, in the event payment is not received the IVA continues as present. Even if you take a guesstimate figure.
I would also, in my statement be inclined to state that the time window is very narrow, the reality prospect being that if your partner is made redundant there is a high likelihood of the IVA failing and bankruptcy even being a possibility going forward, you would be keeping 6 months of redundancy money, taking the 6 month payment break (if your agreement allows it) and then filing bankrupcy, all of a sudden the firm you are dealing with may be inclined to put your offer forward, I would also put it in writing to them highlighting the risks of the situation and ask for a formal response with the reasons they will not put it forward, tell them the reasons should be very clear as you will be pursuing the matter if it comes to it (FSA etc).
Without having the number it's very hard to be specific.
I'm sure some qualified IP's could comment if you could offer, I know its all confidential but if you could provide rough
Value of original debt
Value of Payments made to date
Number of payments made to date
Value of monthly payment
Remaining number of payments due
Total value of remaining payments due
IP firm fees due and paid ?
NET pay figure each month
It would be a lot easier to understand the value an offer of £20k would then be in terms of how much pence in the pound the creditors would receive with a final offer.
Ps, are you actually talking to an IP, a call Centre, a salesperson when you speak to them ? It may be worth insisting on speaking to the IP whose name was used on your proposal, and getting their opinion if your not already, it really sounds to me like your being BS'd big time.
I apologise if any of the above is incorrect, misleading or against forum rules, moderators feel free to edit/remove if not appropriate.
Again, what firm is it that is being so difficult and preventing you from possibly ending your IVA early ? you may be surprised how a public dressing down may suddenly spring them into life, if I was a reputable IP and my name was on the paperwork of the firm I worked for and that's firm name was put on here in neon lights and some call centre/sales staff was spinning a yarn I would be distraught and ask you to contact me directly !! Failing that,you save some poor other individual from signing up with that firm and going though the same unhelpful process you are going through.
Good luck, I will watch with interest.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
