[diane901]

Hi everyone,

I’m month 39 into my Iva term I have 25 to go. I pay almost £600 a month. I owe about £14000 now which I believe to be mostly my practioners fees £17000 over 3 years. As I have 2 tears left am I going to get an additional 8000-10000 bill for fees? Is there an option to pay the debt early and would there be any reductions if I could do this through a family member ?

[Foggy]

fees are as agreed at the outset and Nominees fees will have already been taken, the rest is ongoing supervision. They are usually, these days, based on remuneration not time, so ending early will not relly reduce them.
But, yes, you can make a Full and Final Offer based on the amount of remaining payments --- you have 25 at £600 to go -- so creditors are expecting around £15,000 more from you, assuming you are not a homeowner (in which case they woud be looking at an extra 12 payments). You can reduce this a little to reflect the savings they will make in admin and the "bird in the hand" factor. But, remember, the higher the offer, the more likely it is that they will accept.

[Lisa Thomas]

Hi my short video here explains F&F offers:

https://youtu.be/h4dozq9aGak

The Supervisors costs will be academic to you (unless you pay 100% of the debt plus interest plus costs in full settlement, which would generally only apply if you received a windfall) so are effectively agreed and pay out of the creditors pockets, reducing their dividends.