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Posted: Fri Nov 20, 2009 2:28 pm
by harryboy
Im on a DMP of £60000, if i were to make an offer to clear this before entering an IVA would it work in my favour, i.e. how much would i have to offer for my creditors to accept ? All a bit hypothetical but if anyone has any ideas please let me know as i could possibly go to family for help.
Posted: Fri Nov 20, 2009 2:32 pm
by kallis3
Hi,
Not sure abou that, but I suggest that you either speak to your DMP company or speak to another IP.
Visit
www.iva.com for a list of companies and reviews. Any one of them will be able to advise you.
Posted: Fri Nov 20, 2009 2:47 pm
by Michael Peoples
It would depend on what assets you have available in bankruptcy and what your income is. Some creditors may settle quickly whereas others may take longer and seek a higher payout. You would be better to speak to an IP firm for some free advice which could be based on your full circumstances.
Posted: Fri Nov 20, 2009 4:17 pm
by harryboy
It was just a thought, as most IVA research is telling me up to 75% written off. This would mean i only pay £15000 back over 5 years, which left me thinking if i could possibly offer a figure near that i could end it all now.
Posted: Fri Nov 20, 2009 9:51 pm
by MelanieGiles
I am not clear on what you are actually trying to do. You say you are in a DMP with debts of £60k, but may be looking to offer a settlement before entering into an IVA. Do you mean that you would like to offer a settlement now, and if that is not accepted that you will then put forward an IVA offer to creditors?
Posted: Sat Nov 21, 2009 1:05 pm
by kallis3
The magic words as well are *up to*. A lot of people find that they get a lot less written off than that and I imagine that £15000 would probably not be acceptable against a debt of £60,000. Of course that would all depend on your personal circumstances and how much disposable income you have to offer to the creditors.