www.iva.co.uk

Hi,
I started my IVA agreement in July 2006. My initial start balance was £31,500. I have been paying my contributions of £250 per month for the past 2 years approx.
My new partner has asked me what a potential full and final settlement would be?
The dividend that I initially paid was 25p in the £.
Can you advise?
Thank you

Hey jen, welcome to the forum. An expert will be along shortly to advise you. viki X

You will need to offer an ammount the same or as close to the original dividend promised.
Of course if it was accepted, there would be a saving on the rest of the fees.
Do you have an equity release clause??

Mrs Skint - I have an equity release clause - does this make a difference then ???

If you have an equity release clause any full and final would have to include an amount near that which could be expected if you carried on with your monthly payments plus the amount you would expect to get from your equity release.
It has to be a figure which is appealing to your creditors.

your initial balance was £31,500 but what was the figure to the creditors you say 25p so i take it about 8/9k? you will save on 3 years fees but also need to pay for a variation or completion fee you will have paid 6k to date i would think you are looking at another 6k in my non proffesional opinion but the experts will be here shortly to advise[:D]

Hi
Creditors expect to get 8k,you have paid in 6k so you have 2k left plus IP fees.These will be approx 2.5k plus 1k per year supervisor fees[2k] add in a variation fee of 1k.
An offer of 7.5k should return the original dividend to your creditors
Regards