Full & Final Settlement Advice?

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Post by glossgalore » Sat Jul 10, 2010 10:13 am
Hello there!

I'm 52 months into my IVA and during that time had some brilliant advice from this forum - so thank you all!

I've got 8 months left to go and have just found out that my parents may be able to help me with a full and final settlement to get things sorted more quickly. Back in 2006 when the IVA started, my agreed payment was £365/month, but since then I've been fortunate to have a few payrises which mean that I now pay £450 per month.

I spoke to my IP (Grant Thornton) and must say that the person I spoke to wasn't that helpful. She said that it would take 3 to 4 months to sort, seemed extremely put out that I'd even want to consider it and then said I'd have to make an appointment to speak to someone else about it and the earliest I could do that was 4 weeks from now.

She said that I could probably make an offer in the region of £2,500 as that is close to my monthly payment x8. Thing is, its close to my original monthly payment, not my current one. I had been looking at a figure more like £3,000 which was £450 - £63/month supervisors fees x 8 but she told me that I shouldn't worry about the supervisors fees and to just base the offer on the total payments.

I was wondering whether I should base the settlement on my current payment - so around £3,600 - or whether, if its going to take 4 months anyway its even worth bothering as there's only a total of 8 months to run?

Any advice would be much appreciated!


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Post by plasticdaft » Sat Jul 10, 2010 10:38 am
I am not convinced that theres much to gian from offering a F&F at this stage but its entirely up to your,and if you want to do it then go for it. As for the offer,best bet is to go along with what your IP suggests,as they are more likely to know whats going to be accepted.
As for taking 4 months,perhaps she meant 4 months to conclude completely,so the offer may be accpeted quicker but by the time the paperwork is wrapped up it may be nearer 4 months before you are debt free!!

Well done for getting so far,in whats probably been pretty tough at times.

Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.


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Post by kallis3 » Sat Jul 10, 2010 10:56 am
I do agree that I would carry on to the end now. You're not going to gain a lot by doing a full and final.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Post by MelanieGiles » Sat Jul 10, 2010 12:57 pm
I don't think it is worth you doing this to be frank - stick out the IVA for the next 8 months as there is little advantage to you in settling at such a late stage.
Regards, Melanie Giles, Insolvency Practitioner
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