IVA Offer to end early

Icmeler

Hi all

I have been in an IVA for the last three and a half years, I recently put an offer in writing to settle the IVA early. I had about £4600 outstanding and further three payments of £210 while the meeting was arranged so I offered £2500.

The meeting was held today and I emailed them to see what the outcome was, I was told my supervisor hadn't completed the report but one of my creditors had voted against my offer.

How long do I have to leave it before making another offer?

Icmeler

Well my offer got rejected!
I've been told I can make another offer straight away so I've asked what the total is from the payments I'll make over the next 18 months, has anyone made an early settlement offer and what % did you offer?

aatf

I ended my iva, at first they rejected all my offers, but once i told them i wanted to go bankrupt they accepted my offer of 60%

Icmeler

Thanks aatf

Does anyone know if its possible to offer £3000 now and then £1000 in twelve/eighteen months??

Charco_2

But if you're paying £210 a month (sorry if i picked that up wrong) for the 18 months, then that works out at £3,780 - you want to offer £4,000

I'd have to ask why?

When making a Full and Final offer to your creditors, one of the important things to consider is the REASON. It's almost more important than the actual amount being offered!

Your creditors don't want to release you early from your obligations, what if you settled now and won the lottery next week?

Wanting out is not going to be a good enough reason for your creditors. Nor is offering them money they should be getting anyway.

Something like: your wife is pregnant and your father in law has offered to give you a clean break to provide all you can for your new baby.

Icmeler

Thanks for the reply Charco

My payments go up £10 per month each year, starting in March and when my supervisor did a review of my finances when I made the initial offer they requested a further £817 which 50% of additional earnings due to overtime and bonuses from work.

I have not been asked for a reason to end early, my honest reason is I may be due for promotion at work which is quite a significant payrise which would result in paying more into my IVA so I obviously don't want to tell my creditors that!

Any help/advice appreciated

Charco_2

And that will also be why your creditors dont want to risk freeing you early! Just in case!