Agreed, but the poster may simply be repeating a phrase that has been used in conversation with him or her, erroneously of course, or may have paraphrased said conversation.
Just a thought.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Appologies all, I should have given more info in my original post.
I was reading an article on a debt advice site (can't remember which one) about 'Full and Final Settlement' offers to creditors. It was suggested that if money could be raised from various sources such as relatives etc. the creditors would accept an offer of a one off payment rather than go down the route of 60 small monthly payments. The author of the article referred to this as a '1 Day IVA'.
I was just hoping to find out more about 'Full and Final Settlements', what level of repayment the creditors would accept and what criteria would need to be met such as amount of property equity etc.
Equity in property would be expected to be released I would imagine. Are you currently up to date with all your payments and have you discussed you options with anyone yet??
How high are your debts and what sort of equity do you have?
www.iva.com has a list of insolvency companies who could help you decide what the best course of action is(theres also customer feedback on there too).
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
The terminology calling a full and final settlement IVA a "one day IVA" is a nonsense. Could you draw my attention to the particular site RandT - as this would appear to be a serious breach of advertising regulation on the part of the company concerned.
Full and final settlement IVAs are relatively common and generally run over a 12 month period, to give time for creditors to submit their claims, for the IP to agree the claims, and importantly for the client to raise the money required to effect the settlement. I do a lot of this type of work, with closures typically occuring within the first six months - so long as there is no debt due to HMRC which could take an awful lot longer to resolve.
I'm still not sure what's the best route for me ... lots more reading and research needed yet!
I've got debt of £54k, of which £7k is in my wife's name. We have about £100k equity in the house which we are desperate not to sell. I'm hoping to keep my wife and her part of the debt out of the equation. We can raise about £20k in cash in a few months time.
I've been advised that an IVA is possible by keeping my wife, her debt and her half of the equity seperate ... and hopefully her half of the forthcoming £20k.
