I am coming up to my final year of my IVA. I currently pay £303 a month contributions. I work this out to be £3636 for 12 months. I have the chance to lend £2000 off a relative. Do you think this would be accepted as a full and final offer or would I need to find more money. The IVA is subject to a property clause to be looked at 6 months before the end. I know, however, there is no equity in the property - would this affect the creditors decision to accept a full and final offer?
Your offer is not really attractive to either your IP or your creditors, especially given that you are in the final year. I recommend that you continue with your payments and see the IVA close at its natural juncture - unless you are suffering hardship at the moment.
Hi Benny -- you would have to factor in any possible equity (prices, we are told, are rising again)and the creditors might just want to wait and see what happens there.
To be honest, by the time you put together an offer, then present it to creditors, you will be the best part of halfway through the final year anyway and the cost of the variation meeting ( usually capped at around £500) will also make the offer less attractive to creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
