advise on a full and final offer please.

[ellis9905]

we are currently looking at the prospect of making a full and final offer for our iva ( with the limited financial help of family) and some advise would be much appreciated.

we are currently 22 months into our iva (arranged through money debt and credit)- paying £212 a month
Our total debts were £22659- our iva repayment dividends are 34p in the £. So am i right in thinking that that would mean over the course of our iva we would be repaying £7704.06 plus fees which state as being- nominee fee £1763, disburements £250, insurance £70 and total supervisory fee £2938.
we have currently paid 22 x £212= £4664.

can anyone give me any advise as to what maybe an acceptable figure to offer?

Also should we be able to have a full in final offer accapted, can someone reassure me that this is the end of our obligations to repay the origional amount of debt? i.e if it was accepted and settled then in 2 yrs time ( but still wthin the origional timespan of the iva) my grandfather died, leaving me an inhertience, my inhertitence would be safe from my origional creditors?

sorry if ive waffled- this all makes my head spin!

Many thanks

[kallis3]

Hi Ellis and welcome to the forum.

You are normally expected to offer as close to the orginal dividend as possible if you do a full and final.

If it is accepted, your IVA will be complete and all of the debt written off. The IVA will remain on your credit record for six years, but that's all.

Once the IVA is finished, any inheritance will be yours to do as you wish with.

[ellis9905]

Thank you for your prompt reply. i understand that realistically i need to offer as close to the origional 34p in the £ but am unsure as to how much of the £4664 ive already paid is fees and how much actually going to the creditors. Also unsure in a full and final do i have to factor in fees as well as the 34p in the £??

sorry so many questions!

[kallis3]

Don't worry about asking a lot of questions, that's what we're here for.

Check in your proposal, it should tell you on there how much you will be paying in fees.

One of the experts will probably be on with more assistance as to how much you should offer.

[MelanieGiles]

I would have thought that an offer of around £8,000 would be acceptable - based upon the number of outstanding payments you have outstanding on the assumption that your IVA is to run over a five year period.

Once an offer of early settlement has been made and accepted -and the IVA subsequently closed - you are no longer required to pay over any windfall monies, so any inheritance would be safe.