my original iva was for £46311.40 i have just over a year left.i have paid so far £17245.37.i have a inheritance of £34500 can i offer a full and final settlement on this and if so how do i do this.iva charges up to last renewal was £4091.11 2011 to 2013
I'm sorry but the inheritance is a windfall and must be notified to your IP and paid over in its entirety.
You may find that the solicitor dealing with the estate makes checks anyway and will tell you this.
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.
Your IP is unlikely to view it like that - they will want full repayment.
That means full amount that you started off with plus IP fees and 8% statutory interest.
If you can them to waive the latter you might find that everything is cleared.
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.
Ask your IP to propose the variation as full and final and they have to call the meeting. We have done it on a number of occasions and creditors have allowed either the IVA to close or for the client to retain some funds for the like of car/house repairs. You have been in an IVA for four years and been honest and fully compliant. Creditors may well reward this so nothing to lose.
Hi - you have to pay the windfall over regardless. If this is enough to cover the creditors, interest and costs then they will not need all of it. How many years have you already done under the IVA? Interest is usually set at 8% per annum, unless you have a clause specifically excluding it.
If there is no equity in a property then what Lisa and Michael have suggested may probably work.
It will just come down to the approach of your IVA company.
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.
If there are repairs needed at home or your vehicle needs replaced you could ask for some of the inheritance for these purposes. Alternatively, you could offer the lot as full and final and say that the surplus you currentlyt have which is funding the IVA will pay for the repairs or a new HP agreement.
I see no reason why creditors would not accept either option.
Hi Assuming interest applies and your Supervisors fee is 15% then by my calculations you total debt/costs is c£70k. You have paid c£17k leaving £53k. This means there will not be a surplus and all of the windfall will need to be paid over. You might be able to get a 'gift' from a family member or friends to settle the remaining c£18k to do a f&f deal.
Hi Cem - Did you tell them the money was coming from a windfall or that you simply wanted to make a F&F offer? If you want to make a f&F offer you do it in writing but they will want to know where the funds are coming from and this is where you will come unstuck. Also any lawyer dealing with the estate should do a search and find out about the IVA and notify your Supervisor.
THE LAWYERS DID NOT DO A SEARCH,I ONLY ASKED HOW MUCH I WOULD NEED TO PAY IT ALL OFf and was told £41600 that's why I though they would accept £34500 as full and final.
