www.iva.co.uk

hello i have been in an iva now for 2 years and my parents have offered to make a full and final settlement for me, i understand that the amount should be as close as possible to what they would collect over a 5 year term, because i have paid x amount of money every month should i deduct that from the full amount they would collect after the 5 year term example my amound after 5 years would be £14400, i have paid £5700 already so should my offer be £8700 or should i offer a little bit more and how long would it take to complete and would that allow me to then sell my home after the full and final settlement is completed without them wanting any more money from my house sale

The general consensus is to get as close to the original figure. However, it depends on whether you have any equity in your property?

Given that the money is being offered by your parents, I would not offer any more than you are contracted to repay, and if you are struggling with your payments it may be possible to offer a lower sum based on your current affordability.

Just to add that once you have your completion letter then you will be able to sell your house and keep any proceeds.

Good luck and let us know how you get on.