Full and final settlement

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pathfinder 1

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Joined: Thu Jun 10, 2021 7:21 pm

Post by pathfinder 1 » Sat Jun 19, 2021 1:18 pm
Good afternoon , please could i have some advice of what the procedure is for doing a full and final settlement from start to finish , im 3 years in with 3 to go as i have to do the extra year due to not being able to release equity . I understand its 109 x 36 months which would be what i would pay anyway . What i need to know is what information they would want from me . Hopefully my parents may be in a posistion to clear it for me ams they would need to give them there info but what do i need to produce ie payslips etc many thanks in advance and hope this makes sense

Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Jun 19, 2021 2:05 pm
Hi. Different IPs like to do things differently, but, in a nutshell, you need to write to your IP making a full and final offer of £3924 ( tell them how you arrived at that figure, explaining that you have included 12 months in lieu of equity release). Explain that the money if being provided by your parents for the purposes of a F&F offer only and that, should the offer be rejected the money will be retained by them and will not be available to you thereafter.

You could reduce the offer a little, but the better the offer the more likely it will be accepted.

The IP will need to see evidence of the money ( parent's bank statement -- which they can redact if they wish) as well as evidence of their I.D. --- this is for money laundering purposes.

There is a bare-bones template here: https://www.iva.co.uk/letter6-f-and-f-offer-during-iva
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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