full and final settlement

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iel781

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Post by iel781 » Tue Aug 14, 2007 10:04 am
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i've been in an iva for approaching 2 years now,and have a question with regards to a final settlement.over the last 2 years i've had salary increases which have resulted in increased payments to the iva(as per any iva,and not a problem).however,when calculating a full and final,do i calculate the amount offered as per the original proposal or at the rate at which i am paying now?
thanks
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accgroup

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Post by accgroup » Tue Aug 14, 2007 10:11 am
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Hi iel781

When preparing the report to your creditors to put forward a full and final settlement your IP will compare what creditors are likely to receive under the existing terms of the IVA (i.e. with the increases included) against your full and final offer.

You should contact your IP who should be able to discuss this with you in detail, including any other additional factors which may be relevant - such as an increase or decrease in creditors claims.

Hope this helps

Jane Finch
Insolvency Practitioner

AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com
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iel781

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Post by iel781 » Tue Aug 14, 2007 12:00 pm
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it does.thank you
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