www.iva.co.uk

I'm just going in to my 5th year of my Iva, My dad has offered me some money to make a f&f settlement. I went in with �16,367 so far I have paid in �9,508 plus �1,584 in ppi totaling �11,092. I have 12 payments left to make totaling �4,208.at the end of the 5 years I will have paid back �15,300. Since I started the iva 4 years ago a lot has changed, I now have another child and have reduced my hours at work by 11. My iva payments have never changed even though my I&e said I didn't have enough surplus income to cover the payments, we have managed and my dad helps us out on a monthly basis. I'm currently not sure what is happening with my job, in January/February I could be taken though redundancy consultation or have to reduce my hours to take the new role.
I do have about �12,000 equity in the house so I will end up paying for a further 12 months. If I pay for a further 12 months this will make it that I have paid back �17,700 back which would mean I have paid back more than I went in with. So my questions would be what kind of settlement figure do you think I could offer and have excepted and is it right that I would pay back 17,700 when I only went in with 16,367

You have to add fees and statutory interest at 8% to your initial debt. Your IP can give you a figure to clear but normally it's remaining months x monthly payment plus any equity provision. Never can say what they will accept. Sometimes they accept low offers, sometimes say no to what appear generous ones.

Best speak to your IP and discuss your situation. They may accept less if you are made redundant.

A F&F now would need to be based upon the 12 months remaining, plus 12 in lieu of equity. So you would be looking at an offer of £8 - 8,500.

But you are free to offer whatever your dad can afford, and let the creditors decide. However, it does not sound as though you have a very helpful firm working with you.