final settlement figure from our iva supervisor

haylee01

Hi i am new here and am after some advice please
I have contacted our supervisors to ask them for a settlement figure on our iva.
They have come up with £7750 we have 34 months left to pay which we currently pay £187 since sept due to loss of income new baby etc(was £220pm for the 2 yrs before)
So the total payable to creditors over the 60 months was £13200
we have currently paid back £5467.
Would i be able to offer a lower amount that they have suggested?
Basically we are struggling so much at the moment with the payments and feel like just not paying them anymore..they dont really allow you much for a family of 6!!
Anyway can somebody offer me a realistic figure that may be offered(from their own experience) The money will be coming from my parents as they know we cannot carry on the way we are
Sorry to ramble on and many thanks

milliemonster

The creditors will want as near to the original dividend as possible unless you are facing a major change in income level as in one of you has lost your job, what you need to do is ask your parents how much they are willing to offer as a F&F and then put this to your IP.

As far as your creditors are concerned, if you offer a lot lower than what was agreed, there is little incentive for them to take the F&F now as they will get more by allowing the IVA to run it's course, if you were facing redundancy for example, they are more likely to accept a much lower amount as they would rather that than face the risk of the IVA failing and not getting anything.

A F&F takes a few months to get together anyway so I would probably look at around £7k as a figure to offer, is there an equity clause in your proposal?