www.iva.co.uk

Hello,

I've potentially been offered a sum of money (approx 12-13k) by a relative to be used only as a full and final settlement. What I'd like to know is how I go about calculating whether this is a sensible offer. The details of my IVA are:

IVA = £24,000
monthly payments = £400
Fees = £8,686
total to creditors = £15,314
Dividend = 37p/£

I'm 21 months into my IVA and there is no equity clause.

Any help or advice would be greatly appreciated!

Edit: I also forgot to put on here that my partner is currently in a redundancy consultation period if that affects it!

Many Thanks

Shaun

Hi Shaun and welcome to the forum, I can not answer your question, but I didn't want you to feel you are being ignored. I'm sure some one will be along shortly to answer your question, unfortunately the resident expert Melenie Giles is on holiday at the moment. But I am sure more IVA experts will be along.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

Shaun
You are right on the money with that figure.Out of the 24k you have paid £8400,you will get a reduction in three years of IP fees,approx 3k,leaving an offer of 12-13k just right.
The situation with your partner will also help your situation and suggest you contact your IP and explain the details.You need to offer 12k on the understanding that the third party will only lend it if it is used to conclude your IVA and that all your disposible income will be used to repay the third party.
Good Luck


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp