www.iva.co.uk

Hi there,
I am coming up to my last year of my Iva in June and pay £100 pm totaling the who iva amount to £6000. I have jus been made redundant am expecting £5300 in redundancy pay. Can anyone tell me where I stand regarding a f&f offer and what would be an acceptable offer? If this is even an option.

As you have a year left (assuming you do not have equity in a property to deal with ) creditors are expecting a further £1200 from you, plus any redundancy monies over the equivalent of 6 months salary. Also assuming that your IP is happy to allow a F&F offer to be funded from the monies you are allowed to retain and the fact that such an offer would add around £300 in fees, I would suggest at least the £1200. With so little time left there is no real incentive for creditors to accept a reduced offer --- doesn't mean they won't ... just my thoughts on the matter.

It will take a few months to get an offer through, so you will not be saving much, by way of time, for the effort involved and, another assumption, I assume you will be allowed to keep the £5300 with which to live on (and keep paying the IVA) for 6 months. So it might be an option just to let the IVA run.

Thanks for the reply, these were my thoughts also I don't have anything in the way of equity. My only issue is I won't have the same income in new employment and I have only found placements with 5k less a year and quadruple the travel distance so I my monthly payments would have to go down. Would they not see this as a better alternative than to just let it run? Thanks again.