can someone please explain a full and final?

[olympic_torch]

Old news i know, and so is this sorry.
I know this has been asked a gozillion times in here, but can
some kind soul with an education explain a full and final for me?.
Its early daze, (deliberate spelling) for us but some of the posts on here scare the (ermm where's me thesaurus,
loving your work sally [;)])second hand food out of me.
Here goes in a nutshell.
we are due to pay 60 x £220 with a 20k equity release in year 4,
Total £33200, which is 38.2p in the £ on our debt.
there is also a paragraph in our chairmans report to say we have to make at least 24 payments before any variation is considered.
Okey dokey then, here's the science bit.
we pay 24 x £220 minimum = £5280
leaving a totlal balance of £27920.
Would we be allowed to remortgage in year 2, and offer say, £25k as a settlement?.
How does it work?
Sorry for a really boring self indulgent post.

Aucto Splendore Resurgo.
(2 down, 58 to go)

[MelanieGiles]

That may be possible - but I would wait until you get there before considering how you might vary the arrangement.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[olympic_torch]

thanks melanie.
a long way off yet i know. a lot can happen in 2 years.
i was just trying to clear things in my mind.
the 75% equity clause some people have posted about seems pretty scary.

Aucto Splendore Resurgo.
(2 down, 58 to go)

[MelanieGiles]

But presumably this was fully explained to you by your IP on the day of the creditors meeting?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[olympic_torch]

Melanie.
I don't have that clause , i was just making an observation.
Ours is a flat 20k in year 4.

Aucto Splendore Resurgo.
(2 down, 58 to go)

[Adam Davies]

Hi O-T
You are in a strong position because your equity figure has been agreed.If property continues to rise then you should be able to remortgage earlier and offer a full and final.I presume that your equity figure that you have to release is set in stone within your IVA agreement ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[olympic_torch]

Andy.
Yes it is, on our chairmans report.
10k for me,and 10k for Mrs T.

Aucto Splendore Resurgo.
(2 down, 58 to go)