I have been in my Iva for 3 years I have 3 years left , my partner ( we live separate ) has offered to pay the Iva off where do I stand and how do I go about this ? Is there any costs in this ? Some of my creditors also didn’t vote in at the start of my Iva ? Not sure what this means ?
A full and final offer basically offers the creditors what they signed up for, but a little early. It can be rounded down a little to reflect savings in time and admin. The variation meeting usually adds some £300 - £500 to fees, but this should not impact you. You should not be asked to pay towards this at this stage. So, base the offer on 36 x monthly payment. If you are a house owner you would need to add another 12 months to the time frame to account for equity release.
You need to contact your IP and tell them you wish to make a F&F -- they will tell you what they need, but usually it will be a letter from the donor, offering the funds for the purposes of a F&F only and stating that, should the offer be rejected, they will retain the funds and they will not be available to you or the creditors. They might also ask for evidence of the source ( bank statements etc. from the donor ) and photographic I.D for money laundering regulations.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
