The principle beyond a Full & Final IVA
Good afternoon all
I would like some advice, With the pandemic, my employer wasn't able to pay me.
I have £ 37 000 of debt with 13 creditors. I would like to go with IVA but under a final payment. I may have a lump of money (£6000) come from a family willing to help.
can you tell me if it will be enough and how it's working? I don t have a job yet.
A lump sum IVA is basically the same as any other IVA, but based on one payment rather than 60. The offer will be put to creditors and they have to accept or reject it. Even when completed it will still remain on your credit files for the 6 years.
As for the amount to offer, all I can say is that the better the offer, the more chances they will accept.
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