There are many reasons for full and finals but usually it depends on what your surplus income is. If you are settling early with the same surplus then creditors would usually want as near to the full amount as possible. If your surplus has decreased then this would be reflected in any offer.
Hi original.debt 66k after 72 months (April) 92.5k will have gone into our iva which includes overtime and PPI payments. The reason we ask about full and final. is that DFD are asking us to go another 12 months as unable to remortgage. We have asked for payments and receipt statement today which we have received..
it states 75p.in pound however based on our known payments to date and applying there charges we believe we will be 100p plus by end of April. They have not including all the payments that we have receipts for.
Hopefully you can get an answer from Laura from DFD. If there are discrepancies I am sure they can get resolved and fingers crossed all closed in April.
interest on £66k is £5.28k per annum. If you multiplied that by 5 years and added 15% (estimated) costs that gives £106k.
You have paid £92.5k so on the face of it based on my very (very!) rough and ready figures you would still need to continue paying.
However the interest doesn't reflect any interim dividends that might have been paid and assumes a set fee of 15% to your IP, which may not be in accordance with your terms.
You can ask for a variation to see if creditors would retract requirement for statutory interest or accept payments to date in f&f but worst case is the extension will apply.
