How much should I offer them? - How much is written off in a typical IVA?

[Vonsworld]

My friends at MBNA have managed to produce a signed copy of my cca so it appears the debt is enforceable.

However at the same time they have offered to right off 60% of the debt outstanding. This sounds like a good offer, does anyone agree?

I've seen the adverts for IVA's which claim they can write off up to 75% of debt, but how much of a realistic figure is that? Does anyone know the average percentage figure that gets written off in an IVA?

I've also read somewhere that if a bank sells your debt to a debt collector they only get 10% back?

I'm trying to figure out what percentage repayment I should offer MBNA and my other creditors, so any suggestions and guidelines would be much appreciated.

I'm in a strong position (not financially!) in that I do not own property or have many other assets, so if the going gets too tough bankruptcy is a real option.

Best wishes all

John

[PriorityOne]

Are you sure that it's a CCA they've sent you ? Some of these guys like to try and pass off Application Forms as CCA's....

If it is a CCA... then why offer a 60% reduction, when they can go after the full whack ?

[389shell]

Also if you go through IVA 'specialists' it is only their initial advise that is free, if you then go ahead most of them charge you hundreds to set it up.

[sequenci]

Originally Posted by 389shell

Also if you go through IVA 'specialists' it is only their initial advise that is free, if you then go ahead most of them charge you hundreds to set it up.

more like several thousands.