Full And Final

Get expert opinion. This is the place for new questions to be posted.
10 posts Page 1 of 1

Mxlee8

Posts: 24
Joined: Sat Mar 09, 2019 10:16 pm

Post by Mxlee8 » Sun Mar 29, 2020 8:11 pm
Quick question guys.

This is a little question todo with full and final offer. My debt is roughly 8k

Have to pay £5520 over 5 years.
£92 monthly.

I'm Coming up to my 2 year of iva.

What would be a sensible offer to end the iva in full?

Thanks lee

Marty171

User avatar
Posts: 73
Joined: Sat Jul 20, 2019 12:18 pm

Post by Marty171 » Sun Mar 29, 2020 8:44 pm
if you carried on paying for the 5 years your creditors would be looking to get another £3312 £92*36, i would offer somewhere around 3K.
IVA Started 07/07/2017
F & F Accepted 06/09/2019
Completion Certificate 16/12/2019

Mxlee8

Posts: 24
Joined: Sat Mar 09, 2019 10:16 pm

Post by Mxlee8 » Mon Mar 30, 2020 6:41 am
Thanks marty 👍

Foggy

User avatar
Forum Expert
Posts: 31250
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Mar 30, 2020 8:10 am
If you are coming up to year 2, then, by my reckoning you have 48-ish payments left, so, £4416.

Your payment is pretty much as low as can be while making the IVA worthwhile for creditors, so not much room for reduction --- that said the creditors may well be glad to get it off their books. I would offer £4k ( I am not as cheap as Marty :lol: :shock: )
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

abbiesmum2003

User avatar
Posts: 946
Joined: Sun Dec 02, 2012 8:50 pm
Location:

Post by abbiesmum2003 » Mon Mar 30, 2020 8:40 am
Will it not boil down to the whole equity thing Foggy?
Martys calculation is to finish the contracted 60 months however youve added an additional 12 months on presumably to take into account a possible equity clause.
Agree with foggy that at £92 it is a very low monthly payment already so there may not be much room for reduction. You need to go in with your best offer-Wont be able to bat around different amounts.

Foggy

User avatar
Forum Expert
Posts: 31250
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Mar 30, 2020 10:09 am
Abbiesmum -- I have not figured equity in this. Mxlee's post said he was coming up to year 2 --- from that I assume he has just finished, or just finishing year 1, so 12 payments made from 60 -- leaving 48 to go. I could be wrong ( it wouldn't be the first time) :-)
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

Marty171

User avatar
Posts: 73
Joined: Sat Jul 20, 2019 12:18 pm

Post by Marty171 » Mon Mar 30, 2020 11:42 am
Oh i read that as end of year 2, apologies.
IVA Started 07/07/2017
F & F Accepted 06/09/2019
Completion Certificate 16/12/2019

abbiesmum2003

User avatar
Posts: 946
Joined: Sun Dec 02, 2012 8:50 pm
Location:

Post by abbiesmum2003 » Mon Mar 30, 2020 8:10 pm
lol! Yeah i did as well Marty! lol!
Reading it again it could be only completed a year.
Hopefully posted can clarify.

Mxlee8

Posts: 24
Joined: Sat Mar 09, 2019 10:16 pm

Post by Mxlee8 » Thu Apr 02, 2020 12:34 pm
Sorry guys and girls late reply. Yes only completed a year. Heading towards 2nd year. ( sorry for not making that clear)

So I'm guessing there's not much movement in the settlement figure as it's such a little amount.

.

Also would like to add. If I did put it a settlement and it was agreed ect.. Do they process the completion certificate then or still at the end of the 5 years? And if so would I be able to apply for a normal current account after settling the iva or would that still be a no until after the 6 year mark?

Thanks for all your replies

Foggy

User avatar
Forum Expert
Posts: 31250
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Apr 02, 2020 12:49 pm
Lee -- they will go through the usual closedown procedures once the final payment has been made ( the lump sum) and you will be issued with a completion certificate once this is done. BUT the IVA will remain on record until the 6th anniversary, so the credit files will be shot until then.
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
10 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”