www.iva.co.uk

hi, I just looked at my iva paperwork and saw that the figure I agreed to was 23,056.20 over iva term. ive paid 23633.64 over 4 years with pay and ppi. if I was to offer 5000k to close it - this would make 28633.64. I still have 26 payments left at 444 but surely if ive pais already what they asked this may go in my favour ?

Past a certain point you are still responsible for IP fees, costs and possibly statutory interest until you have paid 100p in the £.

The figures suggest that you would need to offer closer to £9k.

So do you think the likelihood is that it will be rejected? will my ip advise whether they think they will offer it to creditors or not?

They will provide advice and you could insist that it is offered to creditors.

I have assumed that you may have a property and that equity is involved. £5k is less than 1 years payment.

no I do not own a property

my work have offered me a gift of 5000k to pay it off - but only if it is accepted - if not they cannot give it me- they want me free to concentrate on work fully with no ties

Your IVA looks like it is one year longer than normal unless there was an agreed extension or arrears.

they said as it was with northern rock they had to do 6 years even though I was liable for the joint debt left over from a mortgage

With northern rock involved the higher the figure offered the better.

ip said hell put offer forward

Go for it and good luck.

Good luck from me as well and make sure the creditors know the money is only on the table for the full and final.

thanks all - I have nothing to lose - im just overwhelmed that my work would offer me 5k as a gift. obvs well thought of . and maybe don't want a bad debtter on their books

Good luck and what a great employer!

Good to see your IP is happy to propose it and very best of luck. You have done enough already aned the six years from NRAM has always been tough on clients. It really is unfair that your IVA term is determined by who you borrowed from and not the law.