www.iva.co.uk

Hi I have 12 months remaining on my iva with cleardebt !

Would it be possible to offer a full & final settlement figure as my mum is willing to help out .

Plus I own around £5000 over the year so if I offered £4000 could that be accepted?

Thanks

Hi - strong chance that they would accept.

Hi Raj - sounds like a good offer to me - brings the IVA to an early end and saves on some of the Admin costs.

Sounds a sensible offer and nothing to lose by having a chat with your case worker.

sounds fair - one thing to note that i was shocked at, was that my F@F was a fairly small amount (1k) and this was calculated by simply multiplying my remaining payment by my months left, but i got stung with a £300 admin fee for calling the variation meeting! £300 for 2 letters and an email can't be bad!

Dand, did you have to pay that on top of your offer or did it come out of the offer before creditors had it?

My creditors agreed to £500 for my variation -- but GT only took £300. Standard practice I am afraid.

If there is enough in the pot it usually comes from there, relieved, otherwise the debtor can be asked for it. At the end of the day, my pot was a few quid short but GT waived it.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by relieved33

Dand, did you have to pay that on top of your offer or did it come out of the offer before creditors had it?

it came from the pot, so creditors only saw £700 of my £1k offer...

It was you saying you got stung with the £300 that made me wonder. Creditors got stung with it then! I do wonder just how much creditors pay in fees by means of reduced payments.

At the end of the day its another case closed, money in earlier than expected and therefore less admin.

The variation fees are standard practice but creditors do usually save on the additional administration costs that would have been spent had the case continued to closure in the original way.