FULL AND FINAL LUMP SUM - if I wanted to offer a full and final payment do I have to take into account the fact that i.m supposed to come up with a large payment via remortgage? or do you just work it out on the no. of monthly payments left
You need to include any equity release that is required to conclude your IVA ... payments left x monthly amount plus any equity expected, IP fees will give you a suggested offer.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I believe a F & F is as individual as the iva it's self. We had a offer accepted just before Xmas. We had Just under £13k worth of payments left plus equity release.... They accepted £10,800 as a F&F and Now we're out of the release clause as well.
*** Don't look back, you're not going that way ***
You are correct, Biscuits, as much depends upon the circumstances and reasons for the offer. But, as luluj points out, the starting point is whatever is required to give the creditors what they signed up for. Once you have this figure in mind, you can think about reductions for early payment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Anything is ultimately possible, buy the justification behind the offer is the factor that ought to guarantee success - and a lot of it really does depend upon whether you are struggling to make the IVA payments or not!
