IVA full and final offer

kazza123456_2

Hey all, after a recent review my IP has increased my monthly repayment by about 30%. I was struggling before this review and life will be even more difficult now. Was considering a full and final offer as a family member has offered to help out. Was wondering if you could share some examples of full and final offers that have been accepted so i have a rough idea what to offer...my IP isn't helping much!

any info would be greatly appreciated. Thank you in advance

UpToMyNeckInIt

Always difficult to advise on these matters as everyone's circumstances are different, and some IP's are more willing to fight your corner than others.

However, I have read here and on other IVA forums, that the general consensus is: offer a F&F equivalent to the minimum amount your creditors originally agreed to accept, (ie: your original IVA monthly payment multiplied by the original 5 Year term - that would include all your IP fees), less whatever you have already paid in.

Your creditors should see this as a win, as they are getting all their agreed minimum dividend at once, rather than waiting another 3-4 years.

Coupled with you struggling with payments, and the possibility that your IVA may otherwise fail, I would suggest that such a proposal would stand a reasonable chance of success.

Keep us all posted and let us know how it all goes. Good luck.

kazza123456_2

Thanks for that, I will draft a letter and see what they say. Fingers crossed they accept. This forum really is a great source of information

Will keep you posted. Thanks again