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?
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
