I have a 13500 pound iva I've paid 6 payments of 140 pound already to the iva company. If I was to settle the debt due to receiving money from a 3rd party would I have to pay the full amount to the creditors or the actual Iva amount which is about 10000 which is the amount I would be paying back over the 6 years many thanks ?
Further to Lulujs advice, I would add that you should not use the term settlement -- to "settle" an IA is to make payment of the full original debt, plus fees and possible statutory interest. A F&F offer, as Luluj says, is to make a lump sum payment based on the remaining payments (plus 12 months if there is equity to be addressed). This can often be rounded down a little to reflect the savings in administration costs both the IP and the creditors will be making over the term.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Its based on the amount of payments you have left (plus any presumed 12 month extension).
On the assumption the extension doesn't apply to you by my calculations if you have a standard 5 year IVA you have c£7,560 left to pay so this is what your offer should be based on.
Bear in mind if you finish early you will get control over your finances back but your credit rating will still be shot for 5.5 more years.