Advice on full & final offer

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carole862

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Joined: Thu Sep 24, 2020 2:42 pm

Post by carole862 » Thu Sep 24, 2020 2:42 pm
I have £3825 left to pay on my IVA. My original end date was Sept 22 but as I have some arrears, I am advised this will extend to Mar 23. The above figure includes arrears.
I lost my job 3 years ago due to ill health and am awaiting spinal surgery. My income dropped significantly and I am now in receipt of benefits. I am 60 next year and as my condition is degenerative, I do not believe I have future prospects of employment. My mental health is also significantly affected, I am under services for this.
My family have suggested I request a full and final settlement/ see if my creditors will accept an offer. They would donate this money to me. Can you give me any guidance as to how much I should offer?

MrMole

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Joined: Thu Aug 06, 2020 11:16 am

Post by MrMole » Thu Sep 24, 2020 3:03 pm
Hi,

Why don't you ask to propose a variation asking for the IVA to be completed on the basis of what you've paid to date? If you can verify what you've said then the report to your creditors should make it clear that you have a number of vulnerabilities and, for genuine reasons, are unlikely to be able to make payments in future.

The fact that you've got so far will stand you in good stead and creditors are sympathetic in genuine circumstances, especially when vulnerabilities are evident. And if all that doesn't work you can still try with a small lump sum from your family.

All the best.

carole862

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Joined: Thu Sep 24, 2020 2:42 pm

Post by carole862 » Thu Sep 24, 2020 9:10 pm
Many thanks for your response; it’s much appreciated and certainly helpful to get some sort of guideline as I was totally in the dark. Whatever the outcome, you have improved my confidence in starting the conversation. Cheers.
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