Full and Final Settlement - Advice Please

[snoogle]

Hi All

I was hoping for a bit of advice. My IVA was approved in February and so far I have made 4 payments. I pay £643 per month and have 56 payments left to go so about £36000. (this represents £0.46 p in £ to creditors)

Unfortunately my mums brother died suddenly a couple of weeks ago and my mum due to inheritance is able and willing to put up £28000 for me to offer as full and final settlement. Do you think this is realistic as its the maximum she can offer? Don't want to go through the stress of another creditors meeting if it has no chance of success. (also she wont be bale to do it until September time so I will have made 3 or 4 more payments by then too)

Any advice you can give is greatly appreciated.

Thanks

[redhead]

Hello Snoogle - If this helps i have had my letter today from my IP suggesting that i offer £11000 in F&F settlement with £28000 left owing to my creditots my IP suggested that this was a good offer hope this helps.

I can just see in the far distance the light at the end of the tunnel hurray!!!!

[Adam Davies]

Hi
Yes 28K should be a good offer as there should be a large reduction in your IP fees,so you could be offering a similar dividend than if you went the full 5 years.
Your IP can give you a better idea before any variation meeting is organised
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[olympic_torch]

In my chairmans report it states i have to make at least 24 payments into my IVA before any variation is considered. Does that mean i could not offer a full and final prior to that even if i was in a position to do
so?.

Aucto Splendore Resurgo.
(1 down, 59 to go)

[MelanieGiles]

Hi Olympic - I am afraid that does preclude you from varying - but if I were your Supervisor I may be tempted to try a variation to remove that term!

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.
Not that i am in a position to offer F&F at the moment.
You have more chance of seeing Lord Lucan riding Shergar down Oxford Street.

Aucto Splendore Resurgo.
(1 down, 59 to go)