How do we go about offering a Full and Final ?

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kylie
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by kylie » Wed Dec 06, 2017 11:46 pm
We have been in an iva for 4 years, our 5th year starts january. We have just been informed that our iva has been transferred to another company for the remaining year. As we really dont want the hassle of dealing with a new company who are upping their fees ect my dad has offered to give us the remaining years payments in 1 lump sum. What are the chances that the creditors accepting the lump sum payment and how do we go about doing this.
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Foggy
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by Foggy » Thu Dec 07, 2017 7:48 am
There is a good chance they will accpet the remaining paym,ents in a lump --- but you will have to move pretty swiftly, as a full and final takes a couple of months to get sorted. Yopu base the amount on payments remaining (plus 12 if there is equity to be looked at). Tell your new IP that this is third party funds, only available for the F&F offer and the donor will retain the money if the offer is rejected.

There is a template you can use here
https://www.iva.co.uk/letter6-f-and-f-offer-during-iva
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