Likely outcomes of a full & final settlement

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warren
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by warren » Fri Jun 15, 2018 3:15 pm
I have been in my iva for 5 and a half years never missed a payment stated at 100 per month and I now pay 147
4 years into my iva hmrc decided to add a debt to it and it took it to 22% over original amount
My son is due to have a spine operation so my parents offered to pay a final settlement sum
For last 6 months
I have now been told a meeting will take place to see if my iva has failed and I can be made bankrupt and loose our house .
We have 3 options
They accept the full and final
They let iva finish with adjusted payment
Or fail it and apply bankrupt
What is the likely outcome or my options if it fails.this is disturbing news after being in this for that long
Look forward to your reply
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Foggy
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by Foggy » Fri Jun 15, 2018 3:39 pm
Impossible to guess an outcome. HMRC are a bit of a wildcard when it comes to debtors with equity, but would need the voting power to have their way.

I would say that there is a fair chance that a F&F will be accepted. Fingers crossed that this is the outcome. Best of Luck.
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