Full and final offer

Midlandblue2011

Hiya peeps I have a question and I could do with some sound guidance.I have an iva and the debt is £23000.
I am two and a half years into a iva.
I have by my own reckoning paid around £5000 into the iva so far and my current monthly payment is £220


My question is that my family know what a struggle it is for me and that I still have 3 and a half years left!!!
So a generous family member has offered said that they would be willing to offer 8-10 grand to my creditors as a full and final offer.
Is there any Possibility of this being accepted?
Is there a limit to the pence per pound repaid before it can be accepted?


My iva is with dfd


Please can someone advise me

FoggyBrain_2

Assuming thisa IS a 72 month IVA, you are looking at parting with the best part of £16k over the term, to provide the promised dividend (taking account of the fees built in). So, you have around £9k to pay over.

So, on the face of it, your offer is a good one. However, the creditors, whilst liking the thought of having the money right now in a decent lump, as opposed to stretched out over the next three and a half years, will need a reason to accept..... unstable job prospects, ill health .. that sort of thing.

If I were a creditor, you are offering what I basically agreed to accept at the start, so I would accept !!!

Run it by your IP ... but make it crystal clear that this money is a relatives and is only available for the purposes of a full and final.

milly_moo_4

I had an IVA I owed £38,000 i had paid £300 back for 3 yrs I offered £2000 for full and final. Which was accepted, so think about what you are going to offer and how much really you can afford to pay back to your relatives. Mine also was with dfd!

Foreverinbluejeans

Hi, hope you don't mind me jumping onto your thread.

I have been in my IVA just over a year and paid £2400 to date with £9600 to pay. My partner has since moved in with me and we need to extend the house as he has a child as well as myself. My house is 2 bedrooms and shared ownership (25% mortgaged). The housing associate will allow us to extend and will value the property before the improvements should we wish to buy the property outright in the future (after the IVA because I can't remortgage) so that isn't an issue BUT the IVA has the remortgage clause after 4 years and I have asked Grant Thornton (my IP) today and they have informed me that the house will be valued in it's improved state.

My partner has his own house with equity in it which he intended to sell that to do the extension with. Do you think i would be better asking my partner if we could use some of that money to make a full and final offer to release me from the IVA and meaning I could sign the property over to my partner who could buy the house outright from the housing association and obtain a mortgage without me (and my bad credit) affecting him? If so what amount is likely to be accepted?

I just feel really stuck because I don't want my partner to use his money to extend the house and then for me to have to pay more into the IVA because his investment has made it more valuable. I am also not comfortable extending until the property is bought fully in either his or my name. I don't think I can transfer it over to him because I will in effect, be selling an asset.

Any advice would be greatly appreciated. Thanks

Dude1

Millie moo

What is ddf?
How did you get them to accept such a low final settlement?

FoggyBrain_2

DFD = Debt Free Direct (Insolvency firm)