Full and Final payment

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Enkhbat

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Post by Enkhbat » Mon Sep 14, 2020 8:31 am
Full and Final payment
Hello.
I have IVA for 72 months and I have paid for 24 months so far. I still have 48 months left to pay. Currently I am paying £110, so with this rate I have to pay £5280.
My cousin is willing to pay £4000 to pay my IVA off.
My question is whether this amount is enough to be accepted and is it too soon to request F&F payment. Another question is my cousin lives in another country. Will this make it difficult for my creditors to check legality of this payment.
Thank you.

Foggy

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Post by Foggy » Mon Sep 14, 2020 8:40 am
Considering they are saving 4 years as well I think £4k is worth a shot.

As for the donor being abroad ...as long as they can offer proof of identity and proof of the funds there should be no issues. But this will depend on your IP.
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

Enkhbat

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Post by Enkhbat » Mon Sep 14, 2020 6:38 pm
Thank you for your prompt reply.
Could you clarify what involves proof of funds please. Thanks.

kallis3

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Post by kallis3 » Mon Sep 14, 2020 6:57 pm
Usually a letter and a bank statement. You must also state the money is only available for the full and final.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Enkhbat

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Post by Enkhbat » Tue Sep 15, 2020 8:51 am
Thank you for the reply

I have another question, sorry about too many questions.
I had a look at the template. This states that I should say that I am unable to keep up the payment and should provide evidence. Is this really necessary?
Can I just make an offer without any other reasons.
Thank you.

Foggy

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Post by Foggy » Tue Sep 15, 2020 9:48 am
The template is only an example. You can make an offer with no reasons at all, but you are trying to convince creditors to accept less than they might be getting otherwise ... the less you offer, the more compelling your arguement needs to be. You have to look at it from the creditors point of view and ask yourself if you would agree to the offer if you were a creditor.
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

Enkhbat

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Joined: Wed Aug 08, 2018 6:22 am

Post by Enkhbat » Tue Sep 15, 2020 10:44 am
Thank you. I will try and convince them to accept my offer. Fingers crossed.🤞

kallis3

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Post by kallis3 » Tue Sep 15, 2020 10:52 am
Let us know how you get on.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Enkhbat

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Joined: Wed Aug 08, 2018 6:22 am

Post by Enkhbat » Wed Sep 16, 2020 4:54 pm
Hi. Another question please. Is there any chance for my cousin to send his bank statement straight to my creditors without going through me as my cousin does not want to reveal his bank statement to me because this is confidential.

Thank you.

Foggy

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Post by Foggy » Wed Sep 16, 2020 5:00 pm
Wed Sep 16, 2020 4:54 pmEnkhbat wrote:
Hi. Another question please. Is there any chance for my cousin to send his bank statement straight to my creditors without going through me as my cousin does not want to reveal his bank statement to me because this is confidential.

Thank you.
He needs to send it straight to your IP -- not creditors.
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

Enkhbat

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Joined: Wed Aug 08, 2018 6:22 am

Post by Enkhbat » Wed Sep 16, 2020 5:04 pm
Oh I see.
Thanks

Foggy

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Post by Foggy » Wed Sep 16, 2020 5:12 pm
The IP will put the offer together and contact all creditors, who will then vote to accept or reject.

Best of Luck.
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
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