Full and Final Offer

[pip25]

Good morning,

I wonder if somebody could help me.

I have been in an IVA for almost 3 years. The amount I am due is £12,780. I ve paid each month on time apart from a period of 3 months where I was made redundant. Upon finding a new job I then upped my payments by another £40, bringing my monthly payment from £213 to £253.

I have approximately £6,300 left to pay into my IVA currently.

I am moving in with my parter in the next two months as he has proposed and my Grandparents have kindly offered to pay £5,400 in way of a full and final offer. Then I am to pay them back each month in our own agreement.

My questions are if I make this offer to my creditors:

Are they able to say no but we'll have this money anyway and you can carry on paying into your IVA each month? It is not a windfall by anymeans.
What do they need from my Grandparents by way of proof that they are loaning me the money?
How long can the whole process take and do I continue to pay into my Iva in the mean time? And if so do these payments also count towards my full and final offer?

They are offering to pay this as they have seen me struggle each month and with a job that doesn't exacty have a great career prospect, they know it will be some time before I am able to start again.

Any advice would be greatly appreciated.

Thank you

[Adam Davies]

Hi
If the offer was not accepted the creditors would not be able to have the money anyway. It is to be loaned to you only if your creditors accept it as a full and final offer.
The IP has to do money laundering checks and I think they will just need a letter and proof of funds
It sounds a very good offer so run it by your IP asap
Regards

[pip25]

Ok thank you for your response, that has put my mind at rest.

What are money laundering checks? Is it to prove my Grandparents have not stolen the money?? Sorry might sound like a stupid question but have never heard of it before.

[pip25]

Oh I think I understand what you meant now - they will need to provide a letter and a bank statement showing the funds?

That's great, they can arrange that.

Hopefully my creditors will go for it even though it is a little less than expected.

[Adam Davies]

Hi
IPs are duty bound to find out where sums above 5k come from. Melanie will be able to give more info.
It is nothing to worry about though
Regards