www.iva.co.uk

Full and Final offer!
My parents have offered me a gift to pay off my IVA of £5000. I have 3 and half years left and pay £174 a month. I'm with Payplan. Has anyone any advice?

If you go to term, and there is no equity to be addressed, the creditors will be getting a further £7,300. On the face of it an offer of £5,000 might be a little light. However, the creditors will be saving on three plus years of the cost of administering regular, small, dividend payments, as well as getting monies early and writing off the toxic debt.

Make sure you make it clear that the monies are from a third party and that, if the offer is refused, it will not be available and the IVA will continue as previously agreed.

Thanks! Just chatting to my dad and do you think £6000 will be acceptable? We want this to have the best chance.

It all boils down to the creditors, but I would say that the £6k was a fair offer.

This sounds perfectly reasonable and creditors would be mad to turn it down. Very best of luck.

Hi Heidi - £5,000 does seem a little low but you could propose it and see what creditors think - if they reject you could always go back and offer £6k. It's a difficult call. Creditors may accept £5k as they can just write the balance off and move on. The problem is you won't know until you try.

I'm going to offer the £6000 and hopefully this will be better and nearer to the full amount they would've received.
Thanks for everyone's advice.

Good luck and please let us know how you go on.

Good luck Hiedi

Hope it goes ok Hiedi - fingers crossed.

Best of Luck