Please help!! F&F settlement

donnat247

I have been in an IVA for 30 months for a 60 month repayment. My monthly fees are 23p in the £ and have so far paid off £7800 by my calculations
My parents said they will lent me a max of £4k to pay off the remainder. I have done my calculations based on p in the £ and have come to these figures. Could someone have a look and see what would be a good start to suggest as an F&F please?

30p=£2262
35p=£2639
40p=£3024
50p=£3780

Obviuosly I would like to go in at the lowest to spare my poor
parents

Thank you for reading and hope you can help!!

Donna

FoggyBrain_2

Assuming you are exactly half way through and the amount you have paid thus far is just "normal" repayments ( no Overtime etc), you still have 7800 to pay off to make your projected 23p in the pound. So your calculations above are flawed, I am afraid, as making an offer of the full £7800 will still only net 23p/£.
Considering you would be paying the lump earlier than the 60 month end date the creditors might agree to "losing" a little, but not a lot. Looking at it from their point of view, unless you have compleeing reasons to end early, they might as well sit back and get more money out of you!
Personally, and I may be wrong, I think you'd be pushing your luck with an offer of £6000, might get £7000 accepted, but not £4000. Sorry.

donnat247

Thank you so much FoggyBrain, it is really appreciated. Maths was never my strong point!! I thought I had worked it out but just needed someone have a look over for me...so thank you for that.

As for McKneff, the figures I entered (see below and on original post) WERE the calculations for the amount I thought I may be able to offer but as Foggybrain has kindly helped me, I can see I was wrong. I am not 'having a strop' as you say...just wanted some guidance. Maybe you should address your tone in your replies as you dont know what is going on in peoples lives when they ask questions.

30p=£2262
35p=£2639
40p=£3024
50p=£3780

FoggyBrain_2

Off topic but the comments brought to mind the day I was walking along the seafront, on my way back from a family funeral. There were a group of us, including the departed's immediate family, all looking, understandably glum.
A seafront entertainer, dressed as a clown, kept pestering us, eventually asking "What's the problem? Has somebody died?"

My reply left him in no doubt (even the mourning garb didn't give him a clue)!

As has been said --- you never know what's going on in poster's lives.

Southpaw18

Hi Donnat,

I have recently had my F&F settlement accepted on the first offer, how much did you originally owe? I searched online before my offer and many people were offering much less than half the original fee and were being accepted. Also it depends who you owe i guess, but many banks just want to clear creditors, so low offers are accepted much more recently.

FoggyBrain_2

Hi Southpaw. What reasons did you give your creditors ?

saverjustice

FoggyBrain wrote: »

Hi Southpaw. What reasons did you give your creditors ?

How about 'take it or leave it'?

I have seen creditors accept less than the IVA 'promised' at outset simply because they can draw a line under it.