I've received £33, 000.00 pounds from a personal injury claim, i've been told verbally by my IP that because the money only refers to compensation for pain and suffering it would NOT come under the windfall clause. I'm in the 5th year of my IVA, as i was unable to remortgage, i've had to extend my monthly payments for an extra 12 months. I'm thinking of making a final settlement offer but not should just how much to offer. As i understand it i'm not obliged to offer more than i would pay if i keep to the IVA plan.
If you still have the surplus income available then I think it would be only fair to offer the full £3k due. If you do not have any surplus and the funds are needed for ongoing care then a lower amount would be more appropriate.
I agree with Michael - that will leave you with a round sum of £30k. You could offer less but creditors could always say no. They will want to know where the funds have come from so when they realise you have £33k they may insist upon the full £3k anyway.
Well seeing as my credit rating won't recover for another 15 months anyway what incentive do I have in making an offer at all? Am i legally obliged to?
There is no obligation on you and you can continue on as normal. However you would still be liable to future windfalls, bonuses, commission etc but it is up to you. Personally I would just want the IVA to complete and move on.
By the time you could arrange the meeting for the full and final it would be January/February time.
If there are no concerns or issues linked to getting your completion certificate asap and if your IP has stated the money is yours then use it to make your monthly payments until the end.
Good luck with all this.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Pauldd72
Well seeing as my credit rating won't recover for another 15 months anyway what incentive do I have in making an offer at all? Am i legally obliged to?
Just that you get it over and done with and as Michael says you don't have to worry about any extras you might receive over the course that you may have to pay in.
Just to add that personally I would offer £3.5k in your position - but that's because I am b***** minded and would want to ensure that I was out of the iva and giving no one any excuses (including delays in issuing the cc).
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
thanks for the advice though