Full & Final IVA - what next?

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mandy695

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Post by mandy695 » Mon Nov 19, 2018 3:05 pm
My husband was made redundant and got a good redundancy payment and has offered 100p in the pound to complete. We have been given a figure but they’re not really telling me what to do next do I just send the money via bank transfer. Don’t I need a letter first to say they accept this is a full and final and no further money would be taken? I am with Creditfix.

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Foggy

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Post by Foggy » Mon Nov 19, 2018 4:39 pm
mandy695 wrote:
My husband was made redundant and got a good redundancy payment and has offered 100p in the pound to complete. We have been given a figure but they’re not really telling me what to do next do I just send the money via bank transfer. Don’t I need a letter first to say they accept this is a full and final and no further money would be taken? I am with Creditfix.

Thanks
Ask them for written confirmation that payment of the sum they have quoted will be accepted in full and final settlement of the IVA, upon receipt of which you will transfer the required funds. I am assuming that the figure quoted includes fees and possible statutory interest. You do need to tread carefully with CF.
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

formidablelady

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Post by formidablelady » Mon Nov 19, 2018 4:57 pm
Hi Foggy

This is what was sent

"Good afternoon,

Hope you are doing well.

Please note that the figure needed to pay off the full debt level plus insolvency fees of Mr Xxxx xxxxxx is £22,398.10.

After receiving this amount, the case will be closed.

Do not hesitate to contact us for further details.

I assume this is it all. So as you say I need a letter or would an email do to confirm it?

Foggy

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Post by Foggy » Mon Nov 19, 2018 5:22 pm
An email should suffice in this day and age, depending on now comfortable you feel about it -- I am just wary of CF saying one thing and doing another.
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

Lisa Thomas

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Post by Lisa Thomas » Wed Nov 21, 2018 12:24 pm
Is there a particular reason you decided to do a settlement in full rather than a Full and final offer?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

formidablelady

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Post by formidablelady » Wed Jan 02, 2019 11:35 am
Just an update. Hubbys settlement of his IVA went through with no problem, just awaiting completion certificate. I was not so fortunate. I offered £5000 as full and final. I had 18 payments (12 from year 6). Of £280 left which would be £5040 in total. I thought £5000 would be okay. When I rang I was told on the phone that the creditors would not accept it as it was from my husband who is still “technically” in an IVA. Credit fix already have proof that the money was a redundancy payment and I had to send it again before this meeting so I am a bit baffled. The person who organised the meeting isn’t there until 3rd January. Any thoughts?

Foggy

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Post by Foggy » Wed Jan 02, 2019 11:50 am
Until that certificate is issued he still is, technically, in an IVA. However, as long as the funds are not due to his IVA it makes no difference. They are rightfully his to do with as he pleases.
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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