IVA Final Settlement Question

yade

Hi, I have 9 more months left of my IVA. This equates to about £3600. I am close to the end but every month is a struggle.
Last week, I was knocked of my cycle by a car and as a result am getting £2250 for compensation. I was hoping to offer this as a final settlement for the IVA but when speaking to my case officer she seemed to sugged that the process of final settlement takes about 6 months and suggested that the offer would need to be somewhere between what I have remaining for the IVA and the remainder of the original debt.

What are the rules for final settlement? If I rustled up maybe £3000 perhaps, would that be an offer that would be taken seriously.
I have found the last 4 1/2 years of my life the hardest I have been through and although I accept that I am responsible for that, I would take any chance for it to end now.

Any advice welcome

Mike

milliemonster

the general concensus for settlement is to offer number of months left x monthly payment, so as near as possible to £3600, it can take up to 3 months to arrange a meeting and to be honest, this close to the end its a bit pointless now, if you are going to be receiving £2250, this should make the last few months less of a struggle for you now anyway shouldnt it?