Advice on settlement amount

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tracey880

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Post by tracey880 » Wed Mar 03, 2021 1:00 pm
Hi.
I have 20 months left on my Iva and my daughter has offered to give me the money to pay it off early.
I rang credit fix to ask them for a settlement figure and they gave me a figure of £24k to settle which makes no sense. My total debt was £30k and my agreement was to pay £307 monthly for 5 years!!
I have paid over £11k to date.
I want to offer £6k which is the full total of payments to complete my Iva.
I have done a lot of research into this and was hopeful but after speaking to creditfix, I’m now unsure.
Any help or advice would be appreciated. Thank you

lifenoteasy

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Post by lifenoteasy » Wed Mar 03, 2021 1:24 pm
You need to ask for a full and final figure, not a settlement figure.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.

kallis3

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Post by kallis3 » Wed Mar 03, 2021 1:31 pm
Agree - a settlement means you pay your total debt plus fees, full and final is normally a sum offered for remaining payments which is a lot less.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

tracey880

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Post by tracey880 » Wed Mar 03, 2021 2:01 pm
Thank you very much.
Feel stupid now.
Will contact them again now

kallis3

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Post by kallis3 » Wed Mar 03, 2021 5:50 pm
Don't feel stupid - you weren't to know the difference and they would not have told you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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