www.iva.co.uk

Me and my wife are 9 months into our iva. We have been offered £5000 by my mother to settle the iva.
The target of the 60 months is £8805K for a debt of £65K with the 6 year equity clause if we cannot remortgage. The addition 12 payments will be £1440, so the total paid will be £10,245K.
To date we have paid £2655 which includes 9 IVA payments of £120 plus 9 council tax payments which are also being paid into the IVA. Therefore altogether plus £5000 gift would give the creditors £8655.
Do you think this full and final settlement would be interest to the creditors.
I work in the oil and gas industry which currently seeing a downturn due to the price of oil and unprecedented numbers of redundancies.

Certainly sounds fair to me. Good luck luck with the offer.

Everybodys offer is different, but as a rule of thumb no matter the debt it's the nearest you offer from the agreed penny in the pound they want.
We "agreed" 22p in every pound owed. When Our offer was made it basically worked out to be 21p so was accepted - but our IP was a great help in working it out for us!
Good luck.

It does sound reasonable. Remember that the creditors ( and the IP for that matter) spend a lot over 5 years administering these payments, so a lump sum is doubly attractive.

I have seen very low offers accepted ( as well as generous ones refused). It is always hard to call.