A relative is offering a sum for a full and final settlement of my IVA. Can you confirm what documentation is required? I believe the IVA company require confirmation of where the money is coming from for money laundering purposes. Would that be a copy of the account the money is held in? Would they need any further documentation other than that?
Your IP will want to know where the money is from - I think they would neither either a letter or a bank statement from the person concerned. Be sure to emphasise that the money is only available for the full and final.
Not sure if they need anything else - give them a call to make sure.
You need to send a proposal letter stating as Niobe as said,that the money is only available if the offer is accepted.Emphasise that it is a full and final offer to conclude your IVA early.State any reasons you are making the offer, Eg any employment or health issues.The name and address of the person,s who are are offering the money with a signed letter that the funds may not be available in the futue if not accepted.Your IP will assist you with this and will draught your proposal for you once they recieve your letter it normally takes 4 to 6 weeks to complete ,good luck.
Last edited by MRBLUESKY on Sat Aug 25, 2012 9:52 am, edited 1 time in total.
nothing to add other than whats been said already; however its not quite as quick a procedure as it may seem, depending on which IVA company you are with.
Once you have discussed this with your IVA co, they have to arrange a variation meeting, which if i remember correctly, needs at leat 28 days notice
Check with them anyway, but good luck and i hope all goes well for you and you end up being debt free soon
Last payment made April 2012
Certificate received 1st Nov 2012
we have been asked to provide evidence as to why a f&f would benefit the creditors (ie health problems may prevent us completing iva at present rate) Also bank statements, photocopy of driving licence, and utility bill. hope this helps. Best of luck with your proposal!
Hi, thanks to all for the replies. Frasier can I ask if it was bank statements and driving licence and utility bill for the person making the full and final for me? Is the bank statement to show the money for the settlement? My relative has the money in a savings account
yes, in my case, my fathers bank statements etc. The money is also in a savings account so we are just going to photocopy the pass book. It's just so they have proof that the money is actually there.
