www.iva.co.uk

Hello, I am due to finish my IVA this October and still owe £1326.75. My daughter has offered to pay off in an early offer final settlement. In past experience can you advise me whether they would accept around £700 and if not what figure do yo think they may accept? Are there any negative implications to be aware of? I am not a property owner or have any other assets. Also they say it takes around 8 weeks from receiving paperwork in which case I will have paid two payments. Will they deduct this amount from the total I have offered or can I have a clause put in that any money I have paid in monthly payments will come off the final figure I pay. For example I offer £700, pay £462.40 in monthly payments and so pay balance of £237.60. I want to settle early as I want to start to build my credit history again and although will have certificate of completion will still it have it on my credit history for another year so want to get the ball rolling now. Thank you.

Hi Giselle,

Have a word with your IP - not sure whether or not this might be a bit of a low offer but I'm no expert.

You will have paid two or three months extra and this will be on top of your full and final and I'm not sure whether you could have this written in that those payments be excluded.

Your IVA will remain on your credit record for the full six years from acceptance regardless of when you pay it off.

If it were me, I'd just let it run now as it won't make a lot of difference.

giselle.b wrote:

Hello, I am due to finish my IVA this October and still owe £1326.75. My daughter has offered to pay off in an early offer final settlement. In past experience can you advise me whether they would accept around £700 and if not what figure do yo think they may accept? Are there any negative implications to be aware of? I am not a property owner or have any other assets. Also they say it takes around 8 weeks from receiving paperwork in which case I will have paid two payments. Will they deduct this amount from the total I have offered or can I have a clause put in that any money I have paid in monthly payments will come off the final figure I pay. For example I offer £700, pay £462.40 in monthly payments and so pay balance of £237.60. I want to settle early as I want to start to build my credit history again and although will have certificate of completion will still it have it on my credit history for another year so want to get the ball rolling now. Thank you.

I would be interested to hear what they say.

I can understand if you lost your job and someone help you with F&F or you got a winfall and was half way through IVA and offerd a good F & F.

Im not sure whats in it for the creditors near the end, its not like bank deposits are running at 25% APR