Can I pay off my sons IVA?

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gillian371
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by gillian371 » Thu Nov 01, 2018 10:49 am
My son has an IVA, can I offer him the money to clear this completely? Or can you tell me does he pay less for a one off lump sum (or maybe more). Thanks
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kallis3
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by kallis3 » Thu Nov 01, 2018 11:03 am
He can make a full and final offer with your money. Depends on how much he still owes as to how much to offer.

Can you give us some more details so we can advise more?
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gillian371
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by gillian371 » Thu Nov 01, 2018 11:09 am
kallis3 wrote:
He can make a full and final offer with your money. Depends on how much he still owes as to how much to offer.

Can you give us some more details so we can advise more?


The total is about 9,000 pounds
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Foggy
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by Foggy » Thu Nov 01, 2018 11:23 am
A Full and Final Offer (not "settlement" -- that is more expensive) is based on the number of payments outstanding multiplied by the current monthly amount ( if a homeowner add 12 payments). This lump sum can often be rounded down to reflect any admin savings made -- the more the savings (indicated by the time saved from the term) the more wiggle room you will have. Obviously the higher the offer the better than chances.

The lump sum will have to come from your account and the IP will need to see proof of this as well as confirming your ID.

How many months are left to pay ? What is the current monthly amount ? Is he a home owner ?
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Lisa Thomas
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by Lisa Thomas » Thu Nov 01, 2018 3:50 pm
Hi

Watch my brief video here for an explanation on F&F.

Don' ask for settlement! This will be the total debts and interest and costs, which could may well be a totally higher figure than the amount left to pay..

https://youtu.be/h4dozq9aGak
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