You can make an offer of a full and final which usually consists of offering the amount of payments you still have left, sometimes creditors will accept 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
Settlement : Paying the remaining balance of full original debt, plus fees and possible statutory interest. And ..
Full & Final Offer : A lump sum payment based on remaining payments left on the arrangement ( plus 12 if you are a homeowner and equity release has to be dealt with).
With a F&F it is often acceptable to round the amount down a little to reflect time and administration cost savings, but the offer is supposed to be the best you can do.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
