Hi there, we are in year 4 of our iva due to complete in Dec 2017 assuming we have to release equity from the house which we can't, however we have a 3rd party willing to pay that final 12 months payments in December 2016, we want to get the full and final sorted as soon as possible really so we literally can pay that money in December and be done with the iva is it too soon to approach the ip and ask them to put our full and final offer in with funds available in December?
My husband has changed jobs last year and this tax year this year now has seen tax credits mess our payments up and we now owe them £995 and there has been an error in his tax code and we now owe them £445 both have said this will be reclaimed from April 2017 so it would certainly be in both parties interests to settle up the iva this December as we will feel the pinch next year!
What's the process with offering a full and final settlement? Is it possible to get it agreed this early for December payment?
I would certainly put forward the idea to the IP now and sound them out. Make sure that they know the money is only available for the full and final and the offer will be withdrawn if it's not accepted.
It takes a few weeks to set up and for a meeting to be called by which time we will be in August with a potential meeting in September I would have thought.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi kallis thank you for the reply, another thing I'm wondering with regards to settlement is if a full and final is agreed say in September for payment in December if I was to be offered a job after the full and final was agreed but before the settlement is payed what would happen to my salary? I have been looking at jobs at my daughters school starting after September but haven't applied as it would mean all my wages went into the iva and I'd see less of my toddler as my husbands wage and child benefit currently cover the iva payment now.
That I don't know although I would think if the F&F was agreed you might be ok but hopefully somebody with a bit more knowledge will be along soon.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi - don't worry too much about December and the specific dates. Just make a F&F offer now based on the remaining payments and word it so that any contributions you may in the meantime whilst the meeting is called and held, are deducted.
What is the significance of December 2016 - is your friend able to pay the funds prior to December 2016?
Once the offer has been accepted they can't move the goalposts. So you don't need to worry about a hypothetical payrise etc.
The only thing that could change is that any windfalls etc will still be due into the IVA estate between the F&F being accepted and you receiving your cc.
Hi lisa it's my mother in law, I think she has some kind of investment matures in December so she thought it would be a nice Xmas present for us, we're just a bit overwhelmed by the full and final settlement process and wondering if we should just see it out to the end for another year by that point in December as our iva anniversary us Dec 20th too,
What's involved in a full and final settlement? I think it's just fear of the unknown really!
If we did the final 6th year also when would it come off our credit report? Immediately after the completion certificate? Or would it take longer?
We are 2 adults and 2 children in a small 2 bed house, we entered the iva with just one child so are feeling keen to move as soon as possible once clear of the iva as our eldest is 7.5 already and needing more space x
You send off the letter with evidence that your mum is gifting the money to you and the funds are coming from her, not some money you have hidden away somewhere.
You may have to prove you have no equitable interest at the relevant rate in the property to show the 12 month extension does not apply.
Once your IP has everything they need they should then call the meeting within 21 or 28 days (check your terms as to which). They have to give at least 2 weeks notice of the meeting. Creditors then vote at the meeting.
You should therefore have an answer within 5-6 weeks from sending your IP everything they require.
PS you can put a bit of background to your letter and ask that the IP includes it in the variation pack so creditors can read your request and see the reasons behind your settlement proposal.
