Settlement Figure

ryankelly1984

Hi All,

I have 29 payments left of my IVA.
The contributions add up to £6641. A family member has offered to clear the balance for me. What would people suggest is a realistic figure to offer to creditors? I was thinking £5000. Anyone have an idea if that’s reasonable?

thanks 

RauHughes

Your IP could give you a more realistic estimate as they will know the creditors involved and your position more clearly. Creditors agreed to the IVA on the basis of recieving a certain dividend. The fees may change for the F&F depending on the fee structure the IP is using, but as a general rule of thumb creditors will want a similar dividend to what was originally agreed