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Paying off iva
adam123456789
Posts: 18 Forumite
in IVA & DRO
I’m in a fortunate circumstance where I’ve been offered money from a family member to pay off my Iva in full.
I have only been in it for a few months and I owe £11,250.
does anyone have any experience if the creditors will accept an offer or should I pay the full amount?
I have only been in it for a few months and I owe £11,250.
does anyone have any experience if the creditors will accept an offer or should I pay the full amount?
0
Comments
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does the family member expect any of it back?
I'd say write to the creditors and ask for a full and final settlement figure. If they suggest 80% counter offer 50% or similar. It's possible..........I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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No they don’t, it’s essentially inheritance from the passing of my dad. Should I mention to my IP and ask what they will take as an offer?Brie said:does the family member expect any of it back?
I'd say write to the creditors and ask for a full and final settlement figure. If they suggest 80% counter offer 50% or similar. It's possible..........0 -
You're in an IVA. It's a formal insolvency solution, though why you entered one for 11k of debt ...
Anyway, you must go through your IP. You cannot go direct to creditors
If this is an inheritance you should declare it as a windfall unfortunately. If not...
Don't say you have 11k available. Just say that a third party has funds available if a suitable deal can be negotiated. They will ask the third party about this sum.
Remember you now owe more than 11k as you still owe the full amount of your debts PLUS the IP's fees
https://debtcamel.co.uk/iva-settlement/
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My debt was a lot more than the £11k. That’s the payments I have left and that’s what my IP has said that I should base it off.fatbelly said:You're in an IVA. It's a formal insolvency solution, though why you entered one for 11k of debt ...
Anyway, you must go through your IP. You cannot go direct to creditors
If this is an inheritance you should declare it as a windfall unfortunately. If not...
Don't say you have 11k available. Just say that a third party has funds available if a suitable deal can be negotiated. They will ask the third party about this sum.
Remember you now owe more than 11k as you still owe the full amount of your debts PLUS the IP's fees
https://debtcamel.co.uk/iva-settlement/I’ve asked them if there’s any chance they could contact the creditors to see what kind of some they would be willing to accept before I send an offer over.
appreciate all your help0 -
What are the IP's fees, can be £4-9k? Generally you'd pay back the £11k plus their fees to terminate the IVA.If you've have not made a mistake, you've made nothing0
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