Settling IVA early how much to offer F&F payment.

Andy_Hamilton

This is for a close friend who needs some advice about clearing an IVA.
She has been upto date and the model candidate for an IVA but curcumstaces change recently when she has found out she is pregnant!
The monthly outgoing has to reduce and this is the only big payment which has not been cut to the bone.
Her mother has offered to settle the debt (seeing how she is now in control of spending and wanting to help out when the little one arrives).
The only questions I don't know are:
What should she offer?
What documents etc are needed? (Her mam is willing to write letters etc).
The background information is this:
Total debt Iva £8100
Supervisory fees £1300
Paid already £6100 (this includes the supervisor fees)
21 months remaining
Monthly payment £151

Any help would be really appreciated.

techno1029

I am not an expert but in my opinion I would be making an offer of somewhere between £2000-£2500. When writing to inform IP of offer you need to state that you may struggle to meet future IVA payments due to forthcoming new arrival. You must also state the funds would be a gift from parents and is not available for you to use on anything other that clearing your IVA.Do you have equity in property as this may be an issue if you have. Good luck with both F&F and new baby.

Andy_Hamilton

Thanks for your advice, there is no house etc involved so she can't have that held against her.

ivamiss75

I worked out what i would need to pay if i completed the full term - and then allowed for the equity (lack of!) in my house and offered almost exactly that figure.
I believe the IP will tell you if you don't stand a chance... so you'd know roughly then where to pitch it at...

saying that i am in the creditor meeting stage now and it's not looking good.... (see my post called full and final -that i think i may have put on the wrong part of the forum....sorry!)