full and final payment

[tristan]

at the moment i have 20 months left to pay and paying £571 a month my sister has offered to give me £5000 to settle whats the chances they will accept

[Shining]

Hi Tristan, I've no idea about F&F's so won't comment but will keep this bumped up and hopefully someone with the right knowledge will be along soon x

[MelanieGiles]

It depends on your circumstances Tristan. Are you struggling to pay your IVA payments at the moment, or do you just want to end the IVA early if you get the chance?

[tristan]

just to end it early

[MelanieGiles]

Then I think that your offer needs to be nearer the equivalent of your future payments in order to be successful, but of course you should discuss this with your own IP.

[MRBLUESKY]

hi tristan your payments are bang on what i was paying,my dividends though are probably different,mine was 31 pence in £.my f&f offer was £8000 with 18 months payments left totalling £10260.this was accepted to end it early,but if funds are available now or the near future from a third party then your ip may consider proposing a offer for you so it will be worth discussing any funds regarding a offer with them.

[Skippy]

Good luck with your offer Tristan, let us know how you get on x

[Shining]

good luck from myself too x

[CanSeeTheLight]

Is the F&F settlement amount to the total amount you would have paid if the IVA went to full term or the total amount of actual debt? i.e. if you originally owed £60k and under the IVA will repay £40k and have paid £30k of this back already - would the F&F be £10k or a further £30k??????

Hope this makes sense?? x

[Shining]

As I understand it the closer you can get to the original debt the better chance of acceptance.

The original debt is owed I do believe until all payments are made.

[MRBLUESKY]

hi can see the light,based on your e.g.a final offer close to the £10,000,would be considerd as a good offer.but circumstances can allow a lower offer to be considered like unemployment etc.

[kallis3]

Good luck tristan - keep us informed.