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jcironimg
- Posts: 3
- Joined: Mon Feb 25, 2013 9:39 pm
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What would be a final settlement offer? We have 2 years left to pay off. The original IVA was for £47 000 and £208 was paid monthly for the last 3 years, also, between £9 000 and £10 000 will have been paid in from PPI claims.
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kazzafunk
- Posts: 4749
- Joined: Sat Mar 19, 2011 6:47 pm
- Location: United Kingdom
Hi - was £47,000 the debt entering the IVA? If you want to offer a f&f it should be as close to the original expected dividend. Are there any particular reasons for ending the IVA early? Our creditors accepted a lower offer due to my ill health as our income dropped dramatically.
If there are no reasons other than wanting the IVA to cease it may be you need to offer as close to the expected dividend but not including the PPI amounts.
Have a word with your IP - they would be best placed to give advice.
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nickjohn
- Posts: 969
- Joined: Tue Feb 07, 2012 11:27 pm
- Location: United Kingdom
If the money for the F&F is being put forward by a friend or family member then make sure you let your IP know that it is a one off offer. also tell them that whatever figure you do make as the offer is the best you can make.
Do you have an equity release clause at the end of year 5 or is it a straight 5 year IVA?
I would work out what you would have paid over 5 years £208 x 60 = £12,480 take off what you have paid (excluding the PPI) £7,488 and make an offer around what is left to pay £ 4,992.
Ultimately unless you are about to loose your job, going off sick or having a dramatic income drop then the creditors will have no incentive just to accept any F&F offer hence it needs to be near what they would get anyway if they let the IVA run its course..
