When offering a f&f settlement figure do you include the IVA company fees or not?
From the IVA statement I get, I was only going to offer what the creditors are actually getting from my monthly payments & deduct the admin fees to the IVA company.
The IP will still be entitled to a fee from the money so this will only reduce the qamount available for creditors and increase the chance of rejection. If you are offering a full and final the nearer you get to the original offer the better unless you have suffered a fall in income and creditors would not receive that amount anyway.
The starting point should be the number of payments left multiplied by the monthly amount ( plus 12 payments if equity is to be addressed). You can round down a little to reflect savings in admin costs -- but get too low and you risk rejection.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
The starting point should be the number of payments left multiplied by the monthly amount ( plus 12 payments if equity is to be addressed). You can round down a little to reflect savings in admin costs -- but get too low and you risk rejection.
People are entitled to be paid for the work they do.
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.