Full & Final without Funds

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mushmansax

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Post by mushmansax » Sun Dec 27, 2020 3:06 am
HI Guys,
I started my IVA in September 2019 with Freeman Jones making payments of £105 per month x 60 months = £6,300 total.
In spite of lower wages through 2020 due to being on furlough, I have continued to make payments due to lower expenditure through not having the expense of work travel.

I took on a second job in December as a 3 month temporary contract at the permission of my primary employer, and was paid £1330 after tax on Christmas eve. £1320 has been paid as a one-off payment into the IVA bringing my total payments to £3000 dead on including December's normal instalment.

I believe I can raise £3300 from that job and would like to offer it as full and final payment at the end of February, along with paying my normal monthly instalments, and have seen that F&F offers normally take 2-3 months to confirm.

I'm hoping that my continued payments through 2020 will put me in good stead, along with the one-off payment today which is over the 50% of extra wages that the agreement calls for.

Is it possible to make that offer now, under the agreement that should it be rejected, FJ would only be entitled to 50% of any further wages per the agreement, or should I hold on to the monies until the full amount is in the bank and can be offered?

Thanks in advance.

Foggy

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Post by Foggy » Sun Dec 27, 2020 10:23 am
You can place whatever reasonable terms you wish on the offer. Personally I would bank the 50%+ share of the extra income and add to it, going forward, until you are in the position of being able to offer the remaining payments in one lump sum and the secondary employment has ended.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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luluj

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Post by luluj » Mon Dec 28, 2020 2:18 am
Totally agree with foggy - bank it and add to it, offer when you are position to pay it if approved. You never know right now when you will need that money for an emergency.
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mushmansax

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Joined: Sun Dec 27, 2020 2:32 am

Post by mushmansax » Thu Dec 31, 2020 6:23 pm
Thanks for the response guys. Sounds like a plan to me!
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