What is a full and final payment offer ?
Is it simply i owe x amount of payments at £££ per month
total owing is £££ and paying the total amount or is there more to it than that ??
There is a bit more to it than that, but that could give you a figure to work from. If you are thinking of making an offer then ask your ip to give you a figure that they think would be acceptable. This would also depend on where the funds are coming from, the reason you want to complete early and how long there is left to go.
Pixie
'Welcome to where ever you are, this is your life you've made it this far, welcome, you've got to believe right here right now is exactly where you're meant to be'
IVA started may 07 ended dec 08
This type of offer can be made for a number of reasons, and the amount payable calculated in a number of different ways.
I work on the basis that any application for a full and final offer ought to be based upon you returning the full amount of the original dividend pledged. If a client is unable to do so, but still wishes the offer to proceed, then a lower offer can be put forward with justification for the revision.
I agree with Melanie in part. The starting point is what was originally promised. But if you are in a 5 year IVA and have completed 12 or 18 months - it might be possible to offer between 10% to 15% less as creditors might prefer cash now rather than wait until the full term. It also depends on a number of factors like pending redundancy now that the economy is failing.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
