Full & final

[faculty]

Hi all,
I’m thinking of offering a full & final & was wondering what you all thought.
I am 2 years 7 months into my IVA and have posted on here before about how much I want it to end!!
My debt was about £32k and agreed to payback £282 a month. I done this for the first 12 months, then after a job change I paid £412 for 12 months and the last 7 months its been £350 (apart from a £500+ payment). So I’ve paid about £11k total so far.
If I was to offer £4,800, do you think it would be enough?
I have been offered help, but they don’t know how much money I owe. Anyway, any thoughts?

Many thanks!!

[plasticdaft]

£4800 sounds like a reasonable offer to me. Make sure you can get somewhere near this amount,and ask your IP what he thinks would be a good F&F offer.

[faculty]

Hi,
yes, sorry i asked my iva and they said about £8000 (roughly £282 x 30 months left) i thought was odd as i've been paying over my agreed amount, but then i don't know how it works!
really i wouldn't be happy asking to borrow £8k from the person that has offered that's why i come up with £4,800
Thanks for you reply!

[plasticdaft]

What you want to offer is up to you,but your IP must offer it to your creditors if you want them to,if you think 4800 is good but your creditors say 8000 could you go somewhere between the 2 figures?? Perhaps 6,000?

[MelanieGiles]

You are still to pay in over £10k into the IVA by way of ongoing payments - so I am afraid I do not think that £4,800 is a good offer, but would seriously consider £8,000 if I were your IP. Remember the nearer you get the original offer, the more chance of acceptance you have.

Where is the money coming from to settle as a matter of interest?

[luluj]

Sorry I agree with Melanie - the offer is too low considering what you would pay in over the balance of time. Nearer the £8k would be more reasonable.

[faculty]

Thanks for all your replies. i was offered this by my girlfriends father, very nice, but a bit awkward for me to accept. if i was then i'd want to pay him back fast as i can.
but thanks all anyway, i will carry on for a few more months!

[Michael Peoples]

Creditors may accept a lower offer if there was a chance your IVA may fail or there is a material change in circumstances. If for example, you faced redundancy at work or your girlfriend was expecting, a lower offer may be attractive to creditors. Creditors do require reasons for full and final settlements.