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Hypothetical Arrangement.
FoggyBrain_2
Posts: 1,121 Forumite
in IVA & DRO
OK .. have been reading up as much as I can, let's see if I have this straight .... (figures rounded for ease of mathematics) ... and IP's fees disregarded.
Debt £50k. IVA payment £500 monthly.
So, repayable over the 5 year term would be £30k.
In 4 years I would have "paid back" £20k, leaving £10k outstanding.
At this stage, could I make F&F offer of, say, £6k to settle? (funds from a 3rd party).
Assuming creditors accept F&F, I pay over the £6K. Is that the end of the matter and the IVA is finished early with a total repayment of circa £26K (giving the creditors a final dividend of roughly 50%).
Whilst my intention is to give the best dividend I can afford, if at all possible I would like the IVA to run for as short a time as possible.
Debt £50k. IVA payment £500 monthly.
So, repayable over the 5 year term would be £30k.
In 4 years I would have "paid back" £20k, leaving £10k outstanding.
At this stage, could I make F&F offer of, say, £6k to settle? (funds from a 3rd party).
Assuming creditors accept F&F, I pay over the £6K. Is that the end of the matter and the IVA is finished early with a total repayment of circa £26K (giving the creditors a final dividend of roughly 50%).
Whilst my intention is to give the best dividend I can afford, if at all possible I would like the IVA to run for as short a time as possible.
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