Do you have to have a good reason to offer a Full & Final settlement ?

[julie.ty]

If your iva is going to be extended by 12 mths and you would like to offer a full and final settlement of 12xmthly payment do you have to have a good reason you want to do this?if a relative will lend you the money thanks

[Michael Peoples]

It normally is enough to offer the twelve payments from a third party and creditors do not need to give approval. You would normally provide a reason for an early settlement but this payment is in lieu of equity and thus different.

Ask your own IP but that would be our view.

[julie.ty]

sorry to sound dim but when you say in lieu of equity are the 12 mths suffient or do they need more thankyou as i was told by a customer adviser that everyone would do it but offered is the full 12 mths thankyou

[Michael Peoples]

The 12 months is the maximum so if your equity would be less than 12 months payments only offer that amount.

I hope that makes sense?

[julie.ty]

hi no my equity if i could realise it but cant would be more so dont know what to do thanks

[Foggy]

You are basically offering what they would get -- and they are getting it early, so everyone wins.