IVA - Minimum "buy out" offer ???

Toto

I know someone who did this, the original debt was something like 30k he settled his IVA for £8,000. I think he offered around 75% and it went to creditors meeting again. They all voted, he borrowed the money and pai it back. I have my opinion about the rights and wrongs of this, but it's probably best to say nothing.

Morglin

Best way would probably be to offer what you feel is a reasonable amount and see what reduced amount (if anything), they would be willing to accept.

It may be that they would want the whole of the agreed IVA amount paid, but who knows?

Have a word with your practicioner, as I assume you would need agreement from the majority of the creditors as you did to get the IVA.

Lin

rudeboyroy

WHY IS EVRYONE SO JUDGEMENTAL ON THIS SITE.......I have been looking at these forums for about 6 years, and my debt hell continues!!!!! I thought this site was to help people that have got in to deep, but think really it is full of nosey people who look down at someone who will use the system to escape !!!!tried posting a couple of times about genuine issues for people to help me and the first thing people say is send in a SOA so we can all judge how stupid you have been....Whats wrong with trying to get out of debt as early as possible...If that means making an offer on a IVA then so be it!!!!!!!When the loan and credit card companys start acting responsibly and not handing out 15% credit card cheques every month, sending new cards out before xmas, incresing your limit with no consultation, the same credit card companys giving you 4 different cards then maybe we can all start acting responsability!!!!!!By the Way an IVA is not an easy option no chance of a mortgage for 6 years, prob £5000 in fees and a regular payment for 5 years

So all get off your hoarses and try and actually help people on this site who are looking for genuine advice.

Joek_2

I don't think anyone's been particularly judgemental at all - as far I as I can seen people have given valid advice.

Whether the OP takes this advice, or even likes the advice is a different thing altogether.

barnaby-bear

Knightsy_2000 wrote:

GE, HBOS, old granny... cant quite see how you have made the comparison myself.

A large number of the banks shareholders are pension funds, so racking up debt and squirming out of it takes money out of pension funds and that little old granny.

IVAs and Benefits are a good thing for people in genuine hardship who've been beset by misfortune, illness, redundancy etc. But chavs who spend £50k on plasma TVs and then use them/bankrupcy are going to slay the golden geese. Exactly who got the benefit of that £49k you spent? Why should my Grandad's pension be a penny less because the banks shares perform worse because you've bought all the toys you wanted?

Sea78

rudeboyroy wrote:

WHY IS EVRYONE SO JUDGEMENTAL ON THIS SITE.......tried posting a couple of times about genuine issues for people to help me and the first thing people say is send in a SOA so we can all judge how stupid you have been....

So all get off your hoarses and try and actually help people on this site who are looking for genuine advice.

I'm sorry, but I have to say that this is just unfair. i have been at my lowest over the last year, really really low and yes, it was hard to post my SOA up and see what people did (or didn't!!) say but I never felt I was being judged. If everyone else was so perfect they wouldn't be on this board, eh?

I think the OP no longer comes to the board, so perhaps we should try to let this post die off as it's no longer about the original issue anymore.

Sea xx

im69

Sea78 wrote:

I think the OP no longer comes to the board, so perhaps we should try to let this post die off as it's no longer about the original issue anymore.

Sea xx

The OP probably feels let down by the judgemental advice already dished out! I haven't been a member long, but on my first post about an IVA i had been in for 5 years, and BTW it worked for me, i was slated by a couple of the 'holier than thou' members for getting credit again once my IVA completed. I explained that my circumstances had changed somewhat and was in a position to afford it.

Anyway, can we all be less judgemental and try and 'Help' the people who ask for it.

Knightsy_2000

Well... ive offered a 67% lump sum of the total IVA amount remaining (not total debt), and have stated that 67% is the total amount available to my creditors (including any fees that settling early might incurr), so Ill keep those that are interested informed of the outcome of the forthcoming creditors meeting.

The way I see it... and im sure its the way the creditors will see it, is can they make more than the 33% shortfall ive offered, by receiving a 67% lump sum only 6 months into the IVA... rather than receive "x" amount a month for the next 4.5 years. I would have thought its a simple financial forecast calculation for them.

I would also of thought that the practitioners fees, which come out of the total IVA amount, will be substantially less even if there is a one of charge to settle it early, than for them to administer the IVA over a full 5 year period.

So.... we shall see.... im still all for getting out of debt for the minimum amount possible.... i cant understand the logic of anyone who would rather pay a 7 billion pound a year profit making organisation as much as they can back... but each to their own !

im69

Good Luck mate! I think its a very generous offer, but im sure there will be those who'll come back on here and give some criticism.;)

Knightsy_2000

1 acceptance... 3 to go... will know the final outcome by Tuesday !