www.iva.co.uk

I am currently in a iva this is my third yr, i have been told if i get a lump sum of money
the creditors would accept a final payment, 2 clear my iva, how do i know what amount they are likely 2 accept.

Hi Pauline - welcome to the forum. Have you any equity on your house?

Offers should be around what the final total would be if you left the IVA to run to date, however dependant on your circumstances a lower offer may be accepted (ie. illness/redundancy etc). How are you funding the offer?- It is important to stress this offer is only available if F+F settlement is agreed.

If you offer the full amount it is unlikely they will turn it down. However they may want more?

Hi Pauline,

As long as creditors see a good justification why you are offering this lump now and that they will still get a fair dividend they are very likely to accept it is it means they won't have to wait until the end of the IVA term for their funds.

Talk it through with your IP - offer what you can and see what comes back.

Keep us posted how you get on.

Regards,

Offering as near to the original expected dividend is a good start. If theres a reason that you must conclude early(giving up work due to ill health or expecting triplrys etc etc) you may find creditors easier to work with.

Paul