Hi, this is my first post on here.

[newbie1]

Hi, this is my first post on here. My husband and I have been in an iva for a year now. We pay £200 pounds a month, our original debt was £21000, and when our 5 years is up, we would have paid £12000. My husband's job is no longer secure, and we will find the payments too difficult to manage on my wage alone. A friend of ours has offered to borrow us money to offer as full and final payment to our creditors, but we don't know how much to offer. They would currently stand to get back 33% of the £21000, which is £6930. We have paid £2400, which leaves £4530. so do you think they would accept around £2000, or would it have to be higher?? Sorry for the long message! but I wanted to explain the situation fully!!

[MrsKnight]

Hi there & a warm welcome to the forum from me.

My understanding is you would probably need to offer the amount or close too, what your IVA proposal was offering at the end of the 5 years.

Im no expert - but Im sure other will be along to advise you in more accurate detail.
Good luck & Im sorry about your husbands job.

[Pandy]

Hi, I am sure one of the experts will be along soon to give you better advice than I ever could but just wanted to say welcome.

[newbie1]

Hi both, and thank you both for the warm welcome, and advice. I will wait for the experts to come, and hopefully they will give me the information I need!! Thank you Mrs Knight for the info you've given.

[MrsKnight]

Your very welcome & others will be along to help with more expertise than I have.
But hang in there & keep posting n checking in on the forum, you will get the advice you need.

[Shining]

Hi and welcome to the forum, a F&F is usually as near to the original dividend as possible, if there is a good reason they may accept a lesser offer.

Hang in there for an expert opinion there was a good post last night in respect of F&F offers, I will try and find it and post a link for you to have a read. x

[catullus]

It's important to understand that noone can tell you what to offer. There simply are no guidelines as to what creditors will accept. As part of your offer you will need to explain

1 Why you are making the offer rather sticking with the original agreement,
2 Why the offer is fair to creditors

So my advice, assuming that you will pay your friend back, is to borrow as much from your friend as you safely think that you can repay in a timescale that is acceptable to your friend.

That way you know it's the best offer you can make.

Of course you don't need to repay your creditors more than they originally accepted, so the amount that you will offer to them will be limited to that amount.

And to work that out you will need to know how much the creditors have already been paid and how much more your IP will charge in fee to propose the offer and pay the money out to creditors.

I hope that helps

[Shining]

It was a post by the above post catallus I was referring to.

[newbie1]

Thankyou Lesley for finding that for me. your advice and the information in that post does clear alot of things up for me. I think that my IP gets a total of nearly five thousand over the five years, so that means 1k a year. I have paid £2400, so my creditors will have received around £1400 so far. Maybe I will have to re-think the amount we would offer them?