Full and Final Settlement amount

[shaun]

Hello All,

I have 9 months left of my IVA and I pay £400 per month in. My Supervisors fees I've worked out to be £83.33 per month. A family member has offered an amount to clear the IVA. From the figures above I think an amount of around £2,800 should match what I would pay anyway.

Would somebody be able to confirm I'm looking at this correctly before I tell my family what sort of sum we are looking at?

Many thanks

Shaun

[MelanieGiles]

There doesn't seem much point to offer a final settlement when you are so close to finalising the IVA. Personally I would just carry on with your monthly payments.

[kallis3]

I agree. By the time you have put an offer forward and a meeting has been sorted, you will be a month or two closer anyway.

Don't forget that the IVA will still be on your record anyway.

[shaun]

Thanks for the advice, typically how long does the whole process take then from me telling my IP that I wish to make an offer and then actually closing it all off?

The money will be available at the end of April and I want to make the offer early enough that we can just hand over the payment at the end of April so that its all done and dusted?

I appreciate that I'm almost finished with the IVA anyway but I want rid of it as it feels like its something thats always hanging over me.

Many thanks

Shaun

[MelanieGiles]

That is a question you will need to pose to your own IP Shaun. There is no set timescale for putting these sort of things forward.

[poxy]

Hi I have just had mine accepted and the whole process will take upto 3 months from today and it has toook 40 days to get to this point so all in all around 4 months.