IVA SETTLEMENT

[ian32]

First post in this site so here goes,

I am 36 months into my IVA. I am paying 572 per month with a total payment of approx £34000 for a £39000 debt with 10 creditors.

I have been reading various posts on this site and am thinking of ringing my IP and obtaining a settlement figure. I have paid 20952 into the IVA ( not sure amount minus IP fees) I have 24 more payments of 572 totalling £13728 to complete the IVA. My total ip fees are £8578.

Is it worth settling as my mother has suggested lending me whatever the settlment figure would be and I would pay her back on a monthly basis. The idea is that I would pay her less and save money. (depending on the settlement figure of course!)

I am in a stable job with no other reasons to settlte other than the creditors getting money back earlier. I was thinging of suggesting a settlement figure of £10000 to my IP.

Great site and I would appreciate any advice.

Thanks.

[MelanieGiles]

That may be a good starting point, but I would ask your IP to work out a settlement figure for you based upon the original dividend offered.

[ian32]

Thanks for the advice, I have emailed the IP and asked him/her to work out a settlement figure.

[nongnaleon]

Hi
your debt is £39000 and when you had an iva you have to pay in total 34000 looklike is not much reduce your debt.

[kallis3]

Hi Paul,

We are all trying to pay back as much as possible to our creditors, ian32 seems to be making a particularly good return.

I don't look at it from the point of view of how much I can get written off, the more I can pay back to my creditors, the better.

[Lisa2009]

And dont forget, the interest has stopped being added. I'm sure that if it hadn't, there would be thousands more to pay.

[ian32]

Not reduced my debt?? I was paying around £1000 a month before the IVA and about half of it was interest on credit cards