Full & Final offer

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Debt free wanabee
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by Debt free wanabee » Sun Oct 07, 2018 6:46 am
Hi,

I’m currently in an IVA and my partner has offered to help me with a full and final settlement. I have read some of the advice on here but I would really appreciate some expert advice. I’ve been in an Iva for 13 months paying £182 per month and have £8554 left to pay. Assuming it will take a few months to do the paperwork on the variation. (And 2/3 more Payment’s) What would be a reasonable amount. She has offered £6500 but I’m not sure this is close enough.

I would really appreciate any advice how F&F payments work and what is likely to be a reasonable payment to be accepted.

Thank you in advance for your time
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Foggy
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by Foggy » Sun Oct 07, 2018 8:38 am
Assuming that c.£8.5 k is the rest the creditors are expecting ( no 12 month extension due to equity) and you are with a firm that processes these things speedily (2 - 3 months) you are talking nearer £8k (pop in a clause saying that payments made after a given date will be deducted fom the lump sum).

Both creditors and IP will be saving the costs of administering the IVA and processing regular, small, dividends, over the next 4 years or so ..... so an offer of £6.5k should be looked at seriously by all parties. As you will appreciate, these things are never certain, but certainly worth a shot.
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Lisa Thomas
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by Lisa Thomas » Mon Oct 08, 2018 12:17 pm
I think it's an attractive offer.
Debt free wanabee
Posts: 2
by Debt free wanabee » Tue Oct 16, 2018 9:07 am
Hi both,

Just wanted to say thank you for taking the time to reply. It’s given me the confidence to at least give it a go.

I apologise for the delay in my reply but the activation email only arrived this morning so I couldn’t log in!

Thanks again :)
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Lisa Thomas
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by Lisa Thomas » Tue Oct 16, 2018 10:34 am
Good luck and make sure your offer is worded to say that any contributions you pay into the IVA in the meantime whilst a creditors decision is being made, will be deducted from the lump sum.
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