Full and final settlement offer

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jono1976

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Joined: Tue Apr 18, 2023 10:28 am

Post by jono1976 » Wed May 03, 2023 12:35 pm
Good afternoon.

I am in a situation where I'm glad to say that a family member has offered to settle my outstanding debt and bring my IVA to a close.

My final payment is due 31/08/2023.
However, a couple of years ago myself and my insolvency practitioner (Debt Movement) couldn't agree on a payment reduction after a change in circumstances. They wanted more than I could afford. Mental health problems then reared their head again, and i ended up ignoring things and just paying what i could when i could, with no chase up off Debt movement.

This means that even though my final payment is due 31/08 this year, I still have £13,114 outstanding.

I'm wanting to offer my creditors 75% of this to get a settlement.
Is this a fair offer. Obviously the family member would like to pay out as little as possible.



Thanks or any advice. I CANNOT get hold of Debt Movement to discuss this.

Breezy

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Joined: Thu Jun 24, 2021 10:04 am

Post by Breezy » Wed May 03, 2023 1:26 pm
Where do you get this outstanding payment amount from ?

You will, at some stage, regardless of making an offer or not, have to discuss matters with your IP.
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.

kallis3

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Post by kallis3 » Wed May 03, 2023 1:27 pm
I think you will find that Debt Movement no longer exist. Check on the Insolvency Register to see who your IP is and contact them directly.

When you can contact anyone, unless your benefactor is willing to pay all of your debts IN FULL (the original amount owed) then request a full and final settlement. I assume the amount you are talking about is the amount owed to the IVA and not the total amount of your debt. Before you make any offer then check things out.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

jono1976

Posts: 2
Joined: Tue Apr 18, 2023 10:28 am

Post by jono1976 » Thu May 04, 2023 1:05 pm
Hi all.
I The figure given was a full and final settlement amount for my IVA.
This was quoted on the last occasion I spoke to them ( 22/03).

I've tried to contact them through various channels, but get nothing back.

All i want is more clarity on the issue.

I have checked the insolvency register and it's still saying DM are my IP.

Will contact the registry and enquire as to DM's status.


Thanks

kallis3

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Posts: 77166
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu May 04, 2023 1:25 pm
Debt Management are the company, there should be the name of the actual IP of the company on there
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Breezy

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Joined: Thu Jun 24, 2021 10:04 am

Post by Breezy » Thu May 04, 2023 1:27 pm
Do you know who your IP is ? The Insolvency Register puts Laura Prescott and Mr Teague as still with DM, with DM email addresses.
As you are getting no response maybe contact the IPA, who are, I believe, the regulatory body acting here. Have a chat before making a formal complaint.
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.
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