Full and final and a settlement - difference?

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Cupcake08

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Joined: Sat Jan 20, 2018 3:31 am

Post by Cupcake08 » Thu Jul 02, 2020 2:10 pm
Can someone clarify the difference between a full and final and a settlement?
Should the IP Supervisor be able to provide a statement of my IVA as such?

Foggy

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Post by Foggy » Thu Jul 02, 2020 2:19 pm
Settlement is paying the remaining balance of the full original debt, plus fees and possible statutory interest.

Full and Final payment is paying a lump sum based on the remaining payments under the IVA agreement.

IP should be able to provide an account of monies in and monies out, as well as a statement of the amount required for a settlement. The figure changes almost daily, as the statutory interest element ( if charged) is based on the daily reducing balance, so a statement has a very short shelf life.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

stellaa9x

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Joined: Wed Aug 05, 2020 9:44 am

Post by stellaa9x » Wed Aug 05, 2020 9:46 am
Thanks Foggy, The right answer I'm looking for
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