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if we got a lump sum what would we have to pay the whole amount owed at begining or just what we are paying back now and would the iva finish or would they want more ie equity if there was any

Hi
If you received a lump sum you could,and it was sufficient enough,offer a full and final settlement to your creditors.This will be the total amount owed plus any IP fees,less payments already made.If you did the above then no further payments or equity release would be needed as you would have paid back 100% of your debt and your IVA will be concluded.If the lump sum was not sufficient to pay off 100% of your debt then you could offer less than this and this could be agreed however the danger is that you will have to continue paying your disposible income on top of the one off payment.Your creditors are entitled to any windfall you get in full upto the level of your original debt.You really need to speak to your IP.

Hi Andrea,

Perfect advice from neverending. The full and final settlement figure would be presented at a meeting of creditors known as a variation meeting, as previously advised if this is to payback 100% of your debt then there would be no reason for the creditors to dispute this but if you are only paying back part of your debt then you would probably still have to continue payments either to the end of the arrangement or until your creditors receive 100p in the £ back.
I hope this helps

Kind Regards

Nicola



Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

I cannot see that a variation meeting is needed if the repayment is providing 100p in the £.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk