My husband I have had our IVA running for only 6 months. Would creditors accept a full and final offer if the figure offered matched the amount they would receive if the IVA ran it's full 60 months? (this lump sum offer is potentially being provided by a relative) Is there any incentive for them to accept such an offer?
Hi Creditors usually like receiving their money early so a full and finall offer can be very attractive. Do you have a final year equity clause or are you renting ? Regards
Andy Davie, IVA.co.uk spokesperson and a Debt Advisor If you need any help or advice about the various debt solutions available please contact me via my website at www.andydavie.com Author of "Real life IVA stories" and Debt Counsellor of the year finalist 2010
Well we started the process of offering a full and final figure when we were told by our IP that the equity release clause was in both of our IVAs :( We now are only able to offer 93% of the final IVA figure. If we offer this we will have just completed our 1st year. Does anyone think/know if this is a viable offer?
*Melanie they ask that we only help to care for them when they are older (no children) - We would have anyway.
I am sure that your offer is a viable one - and I am sure your relatives will be very well looked after into their old age. How kind and how lucky you are to be able to offer an early settlement. Good luck with everything.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
If a F&F offer is accepted do all payments into the IVA stop from the creditors meeting date (i.e can you cancel the IVA direct debit then?) or is it when they send the completion certificate?
Finishing an IVA early
Posted - 07 February 2010 : 13:50:25
