Full and Final

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sally.b

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Post by sally.b » Fri Jul 27, 2007 6:09 pm
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I would like to offer a full and final settlement figure to all my creditors and was wnderig if anyone could answer the following?

I owe NR £21K do you think they would agree to a full and final?

How much is reasonable amount to offer (% wise)

Can i only do a full and final if ive missed loads of payments or can i just write to them all and say im filling for BR (which is what i would have to do if they dont agree) and say im prepared to offer you X amount would this be acceptable. I have the letter templates but do i have to send to all and stop paying?

Anyone i shouldnt evan attempt to approach for full and final.

Sorry can you just negociate with some of them and then settle them one at a time?

Anymore advise would be great.

Thanks
Last edited by sally.b on Fri Jul 27, 2007 6:21 pm, edited 1 time in total.
Credit buying is much like being drunk. The buzz happens immediately, and it gives you a lift. The hangover comes the day after.
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Adam Davies

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Post by Adam Davies » Fri Jul 27, 2007 7:35 pm
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Hi Sally
Can you just post a few more details such as total debts,homeowner and equity etc
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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sally.b

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Post by sally.b » Fri Jul 27, 2007 8:22 pm
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Home owner with about 13500 equity. and 65K debt. But the rest of the money will be put up by my parents. If we had a full and final settlement would they still want a monthly payment too??
Credit buying is much like being drunk. The buzz happens immediately, and it gives you a lift. The hangover comes the day after.
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Adam Davies

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Post by Adam Davies » Sat Jul 28, 2007 10:37 am
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Hi Sally
If a full and final was proposed you would state that any disposible income that you had was going to be used to repay your parents.
NR are not an easy creditor so it,s hard to predict how they will react.As you are a homeowner you need to be careful that they do not try and get a charging order on your property.
Speak with an IP and see what level of settlement they think would be acceptable.
Good luck

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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sally.b

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Post by sally.b » Sat Jul 28, 2007 5:21 pm
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i am selling the property and moving back in with my parents so i can pay it all back quicker. Should i just approach 1 or 2 creditors and see if they agree first. I thought you could only offer a full and final if you have missed loads of payments? If they did a credit check on me they would see how much debt i have.
Credit buying is much like being drunk. The buzz happens immediately, and it gives you a lift. The hangover comes the day after.
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Adam Davies

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Post by Adam Davies » Sat Jul 28, 2007 8:34 pm
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Hi Sally
You can offer a F+F even if you are upto date with payments if you have been using credit to pay credit and are insolvent.
I would still suggest speaking to an IP as it is very difficult to negotiate a settlement direct with creditors.
How much can your parents lend you ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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sally.b

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Post by sally.b » Sat Jul 28, 2007 9:07 pm
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How ever much i need, after i sell my house and pay some debts off i will have about 60k left. if i can get that down to 35K or 40K they will pay that. I will speak to an IP. Is Melanie Giles one? or does she just do IVA's?
Credit buying is much like being drunk. The buzz happens immediately, and it gives you a lift. The hangover comes the day after.
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Adam Davies

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Post by Adam Davies » Sun Jul 29, 2007 5:56 pm
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Hi
Melanie Giles is indeed an IP and that would be a good starting point for you.She is on holiday at the moment but contact her through the link on the experts page and I,m sure that she will help you on her return.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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redhead

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Post by redhead » Tue Aug 07, 2007 10:08 pm
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q
Last edited by redhead on Tue Aug 07, 2007 10:11 pm, edited 1 time in total.
IVA now finished - Been a long old journey - I have learnt my lesson Im now DEBT free and it feels good!!!!
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redhead

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Post by redhead » Tue Aug 07, 2007 10:12 pm
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Hello Everyone - Had my letter this morning from my IP stating that my IVA has reached a successful conclusion and they no longer are acting as supervisors - wooohoooooooo im free.
From receiving an acceptance of a lump sum to today it has taken just under 2 weeks and to top it all i was £400 better off this month as i didnt have to pay my Ip anymore....but i now pay my parents back and still have money in my pocket every month looks like i will be having a savings account now a holiday and a bloody good christmas this year....FOr all of you out there keep going dont give up the ending is far near than you think[:D]

I can just see in the far distance the light at the end of the tunnel hurray!!!!
IVA now finished - Been a long old journey - I have learnt my lesson Im now DEBT free and it feels good!!!!
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Adam Davies

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Post by Adam Davies » Wed Aug 08, 2007 12:48 pm
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Hi
Thats great news.
Go and enjoy that spare cash and if your like me you will still look carefully at all expenditure even though you are now debt free.
Well done

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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