www.iva.co.uk

Hi . Im 13 months into my iva and finally confessed to my parents the mess im in and they have offered to do a full and final for me by taking out a loan that they will be paying back . Ive worked out that if the iva were to continue id still have about 7800 to pay in .do my parent offer this amount strait off ? Thanks .

Do you have equity to be addressed ? If so you might have to add 12 payments.

If not, with £7800 left to pay in, in regular payments remaining --- considering that the creditors will be saving a chunk in admin costs over the nest few years, I would say an offer in the region of £6,500 would be looked at favourably. As I have said before -- I have seen very low offers accepted as well as very generous ones refused, so it is always a bit of a gamble. The full £7,800 would, of course, have a better chance ( still no guarantee).

I agree with Foggy. The higher the offer the more attractive and more likely creditors are to accept.

You could be even cheekier and offer less. Worst case is they reject and you offer a higher sum...