full and final settlement

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by alldritt6 » Sun Jan 24, 2010 8:37 pm
We could do with some advice please.
We entered into a joint IVA with debts totalling £38,000.
Our contributions so far total £8000 approx [£200 each per month]
We have been given permission to sell our house with the intention of making a full and final settlement.
Outstanding mortgage is £80,000. We have had an offer on the house of £125,000.
As there is an equity of £45,000, can we still make an offer of a percentage in the pound [we were thinking of 70%] leaving us with some money to start again and set up elsewhere. Or would we be expected to pay everything that we owe and have nothing left.
Also, are the IP fees taken out of the final payment or is it an extra we have to add on?


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Adam Davies
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by Adam Davies » Sun Jan 24, 2010 9:18 pm
Hi and welcome
You should be able to hold back enough funds to secure rented accomodation. All fees will come out of any funds that you can offer for the full and final


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Industry Expert
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by MelanieGiles » Sun Jan 24, 2010 10:17 pm
If your debts are only £38k, and you have already paid in £8k, you may not need all of the sale proceeds to make a fair offer. Speak to your own IP to see what they are able to advise. If your property was excluded from the IVA, I would look to merely offer sufficient to meet the original dividend level.
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