www.iva.co.uk

My IVA has been approved and will be starting in August. After a conversation with Family this week it’s quite clear that they have the money to make a full & final more or less as soon as I need.

My total payments would mean after 5 years I’ve paid back £6,800 from a total debt of £23,500.

The questions are, how soon could I realistically offer a full & final?.. and if so.. would £6,000-£6,500 be a near enough dead cert to be accepted by the creditors?

Thanks in advance guys

In most cases a F&F can be made at any time, unless any stipulation in this regard has been added to the usual terms in the proposal or at the creditors meeting (which will show in the Chairman's Report) .

The figures you suggest should be acceptable, though, due to the very low dividend you have agreed, I would go for the £6.5k, as this variation will be adding £500 or so to the fees and the creditors are getting very little as it is.

There is never a "dead cert" with F&F offers and I have seen at least one in excess of the amount payable refused.