Get expert opinion. This is the place for new questions to be posted.
Beryl.01
Posts: 14 Joined: Sat May 25, 2013 9:38 pm
I have just begun an IVA for £7600. A cousin of mine was concerned when he found out, due to my ill health, that it would not be good for me. He has offered to pay a full and final settlement for me, but only for the IVA. Is this a possibility at some point in the IVA?
MrsR
Posts: 1201 Joined: Mon Oct 31, 2011 9:30 pm
Location: United Kingdom
Hi there,
You can offer a full and final at any point.
To calculate the offer amount it's the monthly amount you pay x months remaining, including the 12 months on top in lieu of equity.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
Lisa Thomas
Industry Expert
Posts: 7759 Joined: Wed Dec 03, 2014 10:26 am
Contact
Yes and consider the point Mrs R makes but only if the equitable interest applies to you and is over the minimum sum (usually £5k).
Is the £7,600 the amount you were due to repay or the amount of debt?