Full and Final time limit

[sillygirl123]

Hello,
Does anyone know how long it takes if you offer a full and final which is accepted, to when they want it paying.

Im 20 months into my IVA and have never missed a payment till this month, am really struggling now due to unforseen things that have broken and had no choice but to be replaced. Also my partner was made redundant and without wages for 4 weeks so that left us short.
He's had to go into his overdraft by over £1000 just to pay the household bills. We have no way of paying this back.

I've been told at work that I could lose 10 hours a week too Getting really depressed about it now.

My mum has offered to sell her car (can't use it now due to illness) and give me £5000 to pay off my IVA. I've paid £2000 so far, the original amount the company agreed to accept was 6k, with an extra 2k if we could remortgage, totalling 8k.

With my mums money and what i've paid, it would amount to 7k, (1k short of the 6 yr amount).

What I'm trying to say my Mum wants to know first if the IVA company will accept this 5k, before she sells her car.

Just don't know what to do ??

[ian1968]

I offered a Full and Final which was accepted. You need to phone your IVA company and speak to them and ask the question. Only they will know your circumstances and many know the creditors which will accept monies and at what level. Good luck.

[kallis3]

Hi and welcome.

I think it sounds like a good offer given your circumstances. You do need to speak to your IP though and be advised by them. You need to make sure that they know the money is only available for a full and final.

I believe a variation takes a while to set up and your mum could always hang on to the car until such time as it was agreed - she could then sell it and pay the funds across.

Be guided by your IP though.

I'm sure one of the experts will be along to advise further.

[oscar]

Good luck sillygirl123 I hope you come to an agreement for a full and final and can then stop worrying so much about this aspect of things. Hugs
Oscar
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