IVA settlement questions...

SG_28

Hi. I posted in here earlier this year about possibly being able to settle my IVA early as a family member might be able to help me out. Anyway, hey have offere to lend me the money which I am over the moon about but I have a few questions I wonder if anyone is able to answer -

1) I am just under 2 1/2 years into my IVA, I pay £160 per month, can anyone roughly tell me how much I might get as a settlement figure and do you know if I can offer below the total final figure?

2) Is it something that is likely to be accepted?

3) What information do they ask for and how long does the process usually take?

I am aware that although I may settle early my credit will still be effected for the same period of time but I am interested to know what the procedure is for people wanting to settle early. I am just keen to know what information they will ask me to provide them with...

If I could settle early for a good price then it would be a massive weight off my shoulders... I am really hoping that this is something I will be able to do in the very near future.

Anondebtadvisor

Hi there, if you have about £4800 left to pay, creditors are likely to want a dividend close to what you agreed at the start of your IVA.

However if you settle early there will be 30months of fees that will not have to be paid - so you offer £3800 and see what your supervisor thinks - they will be unlikely to put an offer to creditors if they think it will be rejected.

Any good IP will consider any reasonable settlement - so have a chat with your IP/supervisor

If they agree they will call a variation meeting to put the settlement figure to creditors

Hope this helps

SG_28

Thanks for your reply. I hate having this hanging over my head and my parents can see just how hard this is for me so have offered to lend the money. I will contact my IP on Monday, fingers crossed they will be keen to take an offer.

darlyn

SG,
Make sure your IP knows that this money is a 'gift' (as you can't have a loan;)), and that the offer of funds will be withdrawn should the offer not be accepted.

F&F below the final term figure are accepted (I did it myself) - most creditors will accept an offer 'close' to the IVA plan, just to close the debt.

As anon says, your IP will help you.


Good luck! :beer:

SG_28

Hi Darlyn. Thanks for that, I will tell them it's a gift. I am going to call my ip tomorrow.

When you settled early did you still have to send off all your pay slips, bank statements etc?

SG_28

Thanks guys, I spoke to them yesterday and as you all said they could not advise me on a figure. They said a figure as close to the amount owed as possible more more would be a good offer.

I have £4960 left to pay and my parents have said that they can offer £3500. do you think this is reasonable?

Any advice would be great. We want to draft a letter today so that we can send it to them tomorrow. Thanks.

techno1029

Hey SG just about to start this myself. Have already sent offer and have been told it can take upto 3 months to complete?????..I offered very close to what I would have paid over the full term but if 3 months elapses I will have actually paid more!!!!. I needed to send last three months payslips,P60, mortgage settlement figures, house valuation figure, letter from my family member who is gifting me the money and also my letter of offer. Hope you get a yes!!!!!