IVA Aperture Early Settlement

Baylesy94

Hi
Just wondering if anyone could help me. I am currently in an IVA with Aperture and i'm looking to settle this early. 
Overall i owe around £6500 and currently pay £127 per month, with around 50 monthly payments left. 
Does anyone have any experience of settling an IVA early with Aperture and if so can you please let me know how much would be a suitable settlement offer?
Is anyone aware of how much Aperture would take from any settlement I offer, so that i have an idea of how much the creditors are likely to receive?
Thank you!
Baylesy94

sxcizme3010

Wow 6500 overall is not enough to really enter an iva. A DRO or DMP may have been a better option. In terms of your settlement it all depends on your circumstances and income as they will aim to recover as much as possible. 

mwarby

The repayments left is £6350 (50 x 127), that would be the normal starting point, unless your circumstances have changed such that the repayments aren't affordable

Aperture are probably making around 2k in fees for this IVA

Baylesy94

sxcizme3010 said:

Wow 6500 overall is not enough to really enter an iva. A DRO or DMP may have been a better option. In terms of your settlement it all depends on your circumstances and income as they will aim to recover as much as possible. 

Thanks for your response. Apologies, I should've clarified - that is the total amount left of my monthly payments, my total debt was around 15000, but this process ultimately resulted in payments of £127. Thanks though!

Baylesy94

mwarby said:

The repayments left is £6350 (50 x 127), that would be the normal starting point, unless your circumstances have changed such that the repayments aren't affordable

Aperture are probably making around 2k in fees for this IVA

Thank you Mwarby. From what i've read online, as well as common sense, really, I agree that would be a suitable starting point. But i'm not sure that figure is doable for my relative who would gift me the money and as such i'm looking to see if anyone has experience of having settled with Aperture and if they'd accepted a lower amount than the intended repayment amount - if that makes sense.
I've read on some sources that it's not uncommon for the Creditors to accept a lower amount to settle IVA's early. Some sources suggest that around 2/3 of the total amount is a reasonable figure to offer, others 10% lower, others only the full amount. 
To clarify, my circumstances haven't materially changed, it's just that I am looking at options to relieve me of this early, so that I can look to be in a better position once this comes off my reports after the 6 years.

Thanks again for your response!

mwarby

The offer should be based on the best offer your relative can fund, I wouldn't expect a haggling session, the creditors already expect £6350 and they might get more (you could get a payrise, or inherit, there might be equity to release etc), they could also get less but I think the IP only has about 10% leeway downwards without a creditors meeting

If there is no property equity I'd suggest that £5k is probably as l'd risk. Had you lost your job or had a major life event such as having children you could perhaps go lower as the current repayments wouldn't be possible