Full and final offer

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Post by Hitman68 » Wed Jul 08, 2020 8:35 pm
Hi there,

I have paid 29 months of my 60 month IVA. I pay £700.00 per month plus a percentage of any overtime earned.
Unfortunately I lost my job at the end of June (no redundancy pay) and have no savings or house.

I owe £21,700 and was wondering what would be a realistic offer if my family were to gift me some money.
I was thinking £8,400 or 12 months payments. Would this be accepted especially as I am currently unemployed and although looking for a new job, it is very difficult in the current climate.

I appreciate all replies and help as this came as a shock to me and is very stressful to deal with.



Posts: 2
Joined: Wed Jul 08, 2020 8:25 pm

Post by Hitman68 » Wed Jul 08, 2020 8:49 pm
Hi there, I have an existing IVA and I have paid 29 months of a 60 month term. I pay 700.00 per month plus % of any overtime.

Sadly I lost my job at the end of June.
I have no savings and do not own a house.
If my family gifted me the money, what do you think would be an acceptable offer for a full and final settlement.

I was thinking along the lines of 8400.
At present I am unemployed and it is a very difficult period to get another job.

I appreciate peoples advice and for taking the time to help.



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Post by Foggy » Thu Jul 09, 2020 7:57 am
I would suggest chatting to your IP and arranging a payment break while the dust settles. This will give you a chance to sort out benefits etc and see how the land lies.

£8,400 is a low offer compared to the £21,700 the creditors are looking at getting over the term if you could continue payments, but, in the circumstances, it may be worth a shot. After all, £8,400 is better than the nothing they are likely to get if it all goes down the toilet !!

Different situation, but my IVA ended about half way through, having become unaffordable due to a change in circumstances. I was unable to get a lump sum together and the creditors agreed on a F&F based on payments made to date ( aided by the fact that I had been regularly paying in extra earnings before this, so my dividend, as it turned out, wasn't far off the estimated return for the whole 60 months anyway) --- so these things DO happen.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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