full and final offer ?

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Post by adrian.p » Tue Aug 24, 2010 10:01 am
I am 48 months into my IVA and my mother has offered to gift me the money to clear this. I have worked it out that I will pay in another £5088 to bring this to a close. Should I therefore offer that amount as full and final ?


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Post by St75 » Tue Aug 24, 2010 10:46 am
If your mother is gifting you the money as opposed to lending you the money, the creditors might ask for the lump sum, plus your ongoing payments from your disposable income.

However, if your mother is lending you the money and expects to be paid back, then a F&F might be accepted with you using your disposable income to pay back your mother.

If you can reach the £5088 that is outstanding then that that is what you should pay, as the idea of an IVA is to pay back as much as you can to your creditors.

Good luck and let us know how you get on.

Started lump sum IVA in Aug 2010 - received certificate of completion April 2011, thanks to Melanie & team
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