IVA - Minimum "buy out" offer ???

Knightsy_2000

Hi,

I am currently 6 months into a 5 year IVA agreement, and would like to make an offer, through my insolvency practitioner, in order to buy my way out early (as my father has offered to lend me some money).

Does anybody know in percentage terms roughly how much I should be offering ? For example, is an offer of approximately 70% of the total amount left to pay on the IVA (not the total debt amount) likely to be acceptable ?

Im obviously reluctant to give them anymore money than I need to ;-)

Any comments / experiences would be gratefully received !!!

Tim

newmum1

Forgive me if this sounds harsh but if you have run up the debt then why should you get a discount in order to pay it off, I have run up debts myself and I slave away at three jobs so I can pay it off. I had to face up and take responsibility for my own actions.

Knightsy_2000

simply because I made the choice to opt for an IVA, with all its drawbacks... you have the same options available to you... if you choose to pay the full amount back, thats your decision... I personally would prefer not to, the minimum sounds like a much better option to me.

Why give your creditors money when you can have it yourself... all seems fairly logical to me !!!

newmum1

They are your debts not your creditors you spent the money not them. Why not just pay what you owe if everybody decided to only pay back a small amount of their debts everybody would just get into debt knowing that they would not have to pay it back.

Knightsy_2000

its fairly simple... this way is cheaper... as in I pay back a third of what I owe... I cant quite comprehend why somebody living a normal life, with a normal salary, would prefer to line the pockets of somebody else near the top of the financial tree in life . Your and my debt is just shrapnel to them !!!

Curlyz

So are you saying that everyone in debt is rather silly trying to pay it all back - we should all just go into an IVA?

Knightsy_2000

It obviously depends on your circumstances; for me it was the right option.

These companies are making record profits, and there are obviously reasons for this !

If they insist on lending money to people who are likely not be able to make the repayments, they only have themselves to blaim. The current debt culture did not exist that long ago; ask yourself why !

oscar52

Knightsy - it just seems to me your answer is run up debt, then screw the company over - your in an IVA, probaly already had your debt cut in half, and now you want it halved AGAIN?

There are people on here that genuinely need help, genuinely need to go in an IVA / debt management. They need not because "they can" or "the companies can afford it", but because they have lost their job, been ill, gone through divorce - there are many more. Some prefer to pay themselves through 'slogging it out'. These systems are designed to help people overcome burdens, not as a way out for greedy money grabbers.

dukesy_2

Knightsy_2000 wrote:

its fairly simple... this way is cheaper... as in I pay back a third of what I owe ... I cant quite comprehend why somebody living a normal life, with a normal salary, would prefer to line the pockets of somebody else near the top of the financial tree in life . Your and my debt is just shrapnel to them !!!

You see that bit in bold...

I cant quite comprehend why someone "living a normal life with a normal salary" expects those at "the top of the tree" to subsidise his/her lifestyle...


(i hope this IS a troll !)

Knightsy_2000

Im thinking maybe Ive posted this in the wrong forum.... whats the name of this website again ??? hmmmm.... no one in here seems that much in favour of the essence of it !

You have one life... why waste extra years of it struggling to scrape by for moral reasons which won't matter one bit when your dead !

So.... what percentage should I be offering anyone ? (100% is not an option by the way)

dukesy_2

Knightsy_2000 wrote:

Im thinking maybe Ive posted this in the wrong forum.... whats the name of this website again ???

Money SAVING expert (NOT debt avoidance expert)

Knightsy_2000 wrote:

hmmmm.... no one in here seems that much in favour of the essence of it !

You have one life... why waste extra years of it struggling to scrape by for moral reasons which won't matter one bit when your dead !

Agreed...So dont borrow then ask for it to be written off

Knightsy_2000 wrote:

So.... what percentage should I be offering anyone ? (100% is not an option by the way)

Dont know....Perhaps someone will come along soon and answer that for you