Help needed on F&F Settlement

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shaun

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Post by shaun » Thu Oct 11, 2007 10:38 am
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Hello,

I've potentially been offered a sum of money (approx 12-13k) by a relative to be used only as a full and final settlement. What I'd like to know is how I go about calculating whether this is a sensible offer. The details of my IVA are:

IVA = £24,000
monthly payments = £400
Fees = £8,686
total to creditors = £15,314
Dividend = 37p/£

I'm 21 months into my IVA and there is no equity clause.

Any help or advice would be greatly appreciated!

Edit: I also forgot to put on here that my partner is currently in a redundancy consultation period if that affects it!

Many Thanks

Shaun
Last edited by shaun on Thu Oct 11, 2007 11:06 am, edited 1 time in total.
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mikebdomain

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Post by mikebdomain » Thu Oct 11, 2007 11:08 am
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Hi Shaun and welcome to the forum, I can not answer your question, but I didn't want you to feel you are being ignored. I'm sure some one will be along shortly to answer your question, unfortunately the resident expert Melenie Giles is on holiday at the moment. But I am sure more IVA experts will be along.

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Adam Davies

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Post by Adam Davies » Thu Oct 11, 2007 2:10 pm
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Shaun
You are right on the money with that figure.Out of the 24k you have paid £8400,you will get a reduction in three years of IP fees,approx 3k,leaving an offer of 12-13k just right.
The situation with your partner will also help your situation and suggest you contact your IP and explain the details.You need to offer 12k on the understanding that the third party will only lend it if it is used to conclude your IVA and that all your disposible income will be used to repay the third party.
Good Luck


Andy Davie
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IVA Helpline: 0800 197 4838
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Andam Davies
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