advice on Full and final settlement please

lady12

Hi just want some advice please, I have just discovered I am pregnant and am concerned about my finances!! This means that I will give up working full time, I will still work part time, but obviously the money will be way less!

I am 3 years into an IVA, my family have said that they will stump up the money to complete the IVA once and for all.

I was wondering how much to offer? I have been paying £208 a month. And what are the chances of them accepting my offer?

Any advice welcome! Thanks

FoggyBrain_2

Hello and congratulations !!! Ideally you need to offer as near to the original dividend as possible, although there can be some leeway because the creditors are getting the money earlier than anticipated and in a lump as opposed to dribs and drabs.

So, assuming you have 24 months left, you are looking at £5000 to pay. Bearing in mind the circumstances and the prospect of a reduced income, along with the expenses a young 'un creates ..... if I was making the offer, I would try for £2500 - £3000 (if they refuse you could always "find" a little more (assuming your family has it and are prepared to pay it).

I know we are supposed to give the creditors as much as we have spare -- but you don't want to be offering the lot when you might have had to pay less --- remember those extra expenses brewing !!! (worth every penny though :-) )

lady12

Thank you. Am so worried about the whole thing though! Really want the whole thing to just be sorted! Does anyone know what documentaion my IP will need from me, if any?

thanks