Mother in law offering full and final.

Get expert opinion. This is the place for new questions to be posted.
10 posts Page 1 of 1
Ds1991
Posts: 7
by Ds1991 » Wed Aug 08, 2018 5:13 pm
My mother in law is offering to pay £4000 to make a full and final offer to my Iva 54 x £87 = £4698 what is the likelyhood of this being accepted.

I am quite new in to my IVA and spoke to pay plan they’ve told me I need to do a new I&E and send in my payslips...

The only problem is I have completely forgot to tell them about any overtime/bonuses/commission I’ve earned in the last 5 months... a few personal reasons with going to court to get my kids back....


How will this affect my full and final offer is there anything I should do?
User avatar
Foggy
Forum Expert
Posts: 26593
Contact
by Foggy » Wed Aug 08, 2018 5:29 pm
Ds1991 wrote:
My mother in law is offering to pay £4000 to make a full and final offer to my Iva 54 x £87 = £4698 what is the likelyhood of this being accepted.

I am quite new in to my IVA and spoke to pay plan they’ve told me I need to do a new I&E and send in my payslips...

The only problem is I have completely forgot to tell them about any overtime/bonuses/commission I’ve earned in the last 5 months... a few personal reasons with going to court to get my kids back....


How will this affect my full and final offer is there anything I should do?


I see no reason why they need to do another I&E for a F&F offer. However Payplan do tend to do things their own sweet way ! If you have the usual clauses you are normally allowed to keep overtime etc. pay up to 10% of usual salary, then split the rest 50/50, so there might not be any due to be handed over, however, you should have informed them at the time of each payment.
If they insist on seeing payslips they are going to find out anyway and it would be better if you came clean first and offered to pay in the missing payments asap, before going ahead with the F&F .... speaking of which the sum of £4000 should be looked at favourably, once everythimg else is straight.
Ds1991
Posts: 7
by Ds1991 » Wed Aug 08, 2018 5:37 pm
What happens if I can’t afford to pay the money back straight away? Will they add It on to the IVA?
User avatar
kallis3
Forum Expert
Posts: 73311
Contact
by kallis3 » Wed Aug 08, 2018 5:43 pm
You have to pay money across straight away if you have it approved.
Ds1991
Posts: 7
by Ds1991 » Wed Aug 08, 2018 5:47 pm
kallis3 wrote:
You have to pay money across straight away if you have it approved.


What do you mean? I understand the FUll and final has to be handed over straightaway
User avatar
Foggy
Forum Expert
Posts: 26593
Contact
by Foggy » Wed Aug 08, 2018 6:04 pm
Ds1991 wrote:
What happens if I can’t afford to pay the money back straight away? Will they add It on to the IVA?


I imagine they will want the arrears settled before they entertain any F&F offer. You will have to come to some arrangement with your IP as to how and when. Failure to agree could see the IVA failed for non-compliance.
User avatar
Lisa Thomas
Industry Expert
Posts: 6795
Contact
by Lisa Thomas » Thu Aug 09, 2018 9:04 am
Why don't you calculate the 'extra' contributions from your bonuses/overtime etc first (assuming you have the 10:50:50 rule) so you know what to expect?
User avatar
luluj
Forum Expert
Posts: 10180
Contact
by luluj » Thu Aug 09, 2018 2:54 pm
Agree with others the overtime etc needs resolving before a f&f is considered .... once that figure is known you can then calculate the f&f offer - hopefully it will be seen to be favourable
Ds1991
Posts: 7
by Ds1991 » Mon Aug 13, 2018 8:55 pm
Lisa Thomas wrote:
Why don't you calculate the 'extra' contributions from your bonuses/overtime etc first (assuming you have the 10:50:50 rule) so you know what to expect?


Going of the 10:50:50 rule I reckon it’s going to be around £800/900 I’m not too sure....
User avatar
Lisa Thomas
Industry Expert
Posts: 6795
Contact
by Lisa Thomas » Tue Aug 14, 2018 8:11 am
It's going to come out in the wash anyway - I would ask your IP what the calculation of the extras is going to be.

The you know your starting point for a F&F.
10 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 17 guests