IVA - Minimum "buy out" offer ???

Sea78

As far as I know, you would have to pay a good proportion of it, as in effect you're breaking the terms of the IVA by paying it off earlier, so therefore the reduced amounts won't be valid.

Out of interest, do you feel your spending habits have changed? Will you avoid debt in the future?Just being nosey!!

Sea xx

shameless-about-money

Maybe the OP should consider selling one of his many assets to settle the IVA in full.

For all the people whom are in genuine need of an IVA just in order to get on with their lives there is always one that wants to bypass the system and try to find a way around it.

im69

I thought this site was supposed to be non-judgemental? I can't believe the OP is getting such a slating for asking a straight forward and reasonable question.

As the OP said, his father would loan him the money to offer full & final settlement on his debts, ok reduced at that, but hasn't anyone on here ever asked for a full & final settlement on a debt before to get a reduced rate. I have and would do again if i had to. Good luck to you Knightsy_2000.

Rant Over!

themaccas

It is im69, I can't see anywhere where he says his father will be loaning him the money. I feel he has been deliberately confrontational with his posts.

im69

If you look at very first post, first paragraph, it does say his father has offered to loan him some money.

themaccas

Sorry im69, just seen it:o

shameless-about-money

im69 wrote:

I thought this site was supposed to be non-judgemental? I can't believe the OP is getting such a slating for asking a straight forward and reasonable question.

As the OP said, his father would loan him the money to offer full & final settlement on his debts, ok reduced at that, but hasn't anyone on here ever asked for a full & final settlement on a debt before to get a reduced rate. I have and would do again if i had to. Good luck to you Knightsy_2000.

Rant Over!

The tone of the OP posts suggests that he is wanting to get away with as little as possible.

What everyone has been saying is that a F&F IVA doesn't work like that.

A F&F IVA would be for a minimum of 40% of the original debt PLUS the IP fees on top. Not 40% of the 30% reduced debt. Plain facts, nothing more.

Joek_2

I wouldn't want to cast any aspertions on anyone, but quite honestly if I got a good 'deal' on an IVA or DMP, the last thing I'd actually want to do is try to offer vastly lower amounts to settle earlier.

Whether it's moralistic or not, I'm in the position I am because of my dumb mistakes - ideally, I'd want to pay off as much as I possibly could of the original amount, and I'd be more than happy with whatever the IVA works out on.

james32_uk

The actual answer to your question is noone knows. You should offer what you can afford and see what happens. 70% of yoru total IVA payment sounds like a reasonable offer. Your creditors will take it if it's financially the right decision for them. Be aware it costs around £500 to propose a full and final settlement though.

shameless-about-money

There is no way that they would accept 20% on a F&F!