Full and final

[saz]

I have just had my 3 year review so ive got 2 years left.

My dad has recently been made redundant and offered to pay off my IVA, in the next year my parents are looking to downsize which may lead to me having to rent somewhere and also my job isnt 100% secure at the moment.

I have rang payplan and asked about making a full and final settlement and they basically said they cant advise me what to offer,

Ive not got all the figures with me but was told today that i owe £5127.00.

What would be a reasonable figure to offer?

Any info would be great x

[Shining]

Hi Saz

I always think as near to the final dividend as you can is always the best for any f&f offer, obviously depending on circumstances in respect of why the F&F is being offered.

I'm sure one of our professionals or other posters who have completed via F&F will be along very soon. x

[Michael Peoples]

Lesley is correct in that anything near the original dividend improves the chances of acceptance. I am surprised that Payplan have not given you a figure to achieve this bearing in mind any reduction in fees. £3-4,000 should be close but you would need to advise of any equity in your property if you have one.

[saz]

Thank you to both of you for getting back to me, I have sent my letter and dad's letter off today, Dad is able to lend me £3800.00 and I said I am able to pay the next three months payments (i will have to start looking for somewhere to live in July) so all together I have offered 4442.00 so hopefully this will be accepted, Thanks again and I will let you know how I get on x

[saz]

Oops sorry forgot to mention I dont have any equity, Payplan said they can advise me what to offer I just have to send a letter with a figure and they will get the ball rolling x

[Shining]

I hope your offer is accepted and I wish you all the best. x

[Michael Peoples]

Sounds like a very fair offer and good luck from me too.

[kallis3]

Good luck from me as well.

[MelanieGiles]

There may be no reduction in fees if the IP is remunerated on the basis of a percentage of realisations, so an offer of around £5k may be more sensible.