Our iva was approved in september 2010. With regards to a full and final settlement, can you tell me is that an amount agreeable between yourself and the creditors OF the FULL IVA amount you have signed up to pay into for 5 years OR the total amount of debt you have.
It all depends on how much money you would have to offer as a full and final. Some people are able to offer enough to pay their debts off in full but normally you would be expected to try and get as near to the original dividend agreed at the meeting as possible.
I think we all dream of a windfall!
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
As near to the original dividend as possible would usually be accepted if the money was coming from a third party.
Remember windfalls would have to be paid into your IVA automatically along with your monthly payments.
Regards
You would always have to inform your IP of where the money was coming from and that it was only available for a full and final offer.
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
It may be a possibility that my parents will pay my IVA so I was just wondering how the F & F works, the total I have to pay back into the iva is £19,500 and having only made 3 payments into it so far it is only early days but having a bit of know how into the F&F im prepared should the offer be laid on the table for me to complete.
You would need to make an offer to your IP - as close to the original amount as possible. Could your parents manage to pay close to that amount?
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
I know this sounds strange, but you may be better off staying in your iva for a few months before offering a full and final. Many of us find it very rewarding to take control of our finances and learn a bit about financial good sense along the way. My parents would pay off my debts in a second (there's enough cash in my dad's "secret" draw that we all know about)! But I like the feeling of standing on my own two feet so I'm determined to tough it out.