www.iva.co.uk

18 months into iva.
possibility that i could be finished work due to ill health. there will be a lump some involved. i still owe approx 34k what would be the outcome bearing in mind the lump some would be to help me on retirement. i have heard of full and final settlement. through your experiance what would a fair offer.
thanks bill

Hello,

You should normally offer as near to the original dividend as possible but you may be able to offer less as you will need to keep some of the money back.

Have a word with your IP and test the waters with them.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by hwg

18 months into iva.
possibility that i could be finished work due to ill health. there will be a lump some involved. i still owe approx 34k what would be the outcome bearing in mind the lump some would be to help me on retirement. i have heard of full and final settlement. through your experiance what would a fair offer.
thanks bill

Hi - is the 34k what was expected to be paid into the IVA or the total of your debt? I've just cleared our IVA after taking ill health retirement.
All creditors accepted a decrease from 18p original expected dividend to 16p in the £ with the f&f. I only had to pay over 1/3 of my lump sum, at the same time we were lucky that HSBC repaid my PPI to the IVA pot.

I think it all depends on your circs post-retirement. I don't have much hope of being able to hold down a job in the future and I showed on paper that we would not be able to pay the IVA on hubbys wages and my pension (the reason they let me keep 2/3 of the lump sum is probably because my figs showed a defecit even with the IVA payments removed from expenditure).

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by hwg

18 months into iva.
possibility that i could be finished work due to ill health. there will be a lump some involved. i still owe approx 34k what would be the outcome bearing in mind the lump some would be to help me on retirement. i have heard of full and final settlement. through your experiance what would a fair offer.
thanks bill

What is 'fair'

If you cant work I assume you cant continue with the IVA

If your lump sum was £300k it would be fair to pay the lot £2k and no work ever again somewhat different

Fair is determined by what you can do.

Have a chat to your IP for case specific advice as what you offer will depend on so many different variables including your outstanding iva payments and how badly you'll need the money after the iva.