Offer of full and final settlement

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amanda296
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by amanda296 » Sat Nov 17, 2018 11:31 pm
I am in the process of making a full and final settlement and my parents have offered me the amout to clear it, i have 17 of £157 so offer is £2500, which will be the full amount after this months payment, will they need my payslips for the last 3 months to offer this as i have done some overtime, what i didn't declare.... only couple hundred pounds over the 3months ......
Tia
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kallis3
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by kallis3 » Sun Nov 18, 2018 9:26 am
Firstly,don't call it a settlement, you are making a full and final offer. Also say the money is only available for this purpose. Your parents will have to show where the money is coming from (money laundering checks) and you may have to provide pay slips - depends on which company you are with. I would come clean about your overtime.
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Foggy
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by Foggy » Sun Nov 18, 2018 9:54 am
In any event, they will do a final review and probably pick up on the missing overtime then. It will look better if you declare it rather than being caught out.
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amanda296
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by amanda296 » Sun Nov 18, 2018 10:07 am
Thank you for replying, when we did my last income and expenditure, it was clear i couldnt sustain the payments and this is why I was doing the overtime it has been paid into IVA as I have been making full payment but just never phoned and said it was coming from over time, there was a shortfall in my income as my daughter left home for university...... i have only done the overtime for few months while the offer was being made as i told them i was struggling and no one seems to ever get back to me i fell into areas but cleared and all up tp date, the fear of losing my home was the main reason as they extended my terms for another 12 month it should have ended in march ...... will i be in trouble for not phoning i didnt phone as i didnt want them to drag there heel.
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kallis3
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by kallis3 » Sun Nov 18, 2018 10:23 am
What sort of money are we talking about
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amanda296
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by amanda296 » Sun Nov 18, 2018 1:16 pm
I usually earn around £750 ... one month £808 second month £865 and last month £744 so im not taking big bucks but enough to make full payments. My iva payment are £150 and they worked out my disposable income was £48 which is why i had to do overtime and my mum helped me out too, but i was emaining ringing and no one get back to me, and didnt want to fall to far behind so asked if i could work overtime, didnt mention it as o thought they would think i could regularly do the overtime and make full payments which i can't.
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kallis3
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by kallis3 » Sun Nov 18, 2018 1:23 pm
You should have mentioned it at the time and done an I&E if you were struggling.
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amanda296
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by amanda296 » Sun Nov 18, 2018 1:36 pm
I did tell them but was told to hold on till the outcome of equity release had been done and i got the letter july/aug say they were going to extend it for a further year, that is when i started calling emailing, with no response.
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amanda296
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by amanda296 » Sun Nov 18, 2018 1:42 pm
They told me pay what i could afford which i did, till i started getting the arrears letters then, it scared me.
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kallis3
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by kallis3 » Sun Nov 18, 2018 1:51 pm
You need to speak to your IP asap and get this sorted.
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amanda296
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by amanda296 » Sun Nov 18, 2018 1:59 pm
Will i in trouble for not telling them it was doing overtime even though i payed it into my iva ...... there will be a logg of loads of calls and emails for people to contact me, it was only yesterday i spoke to someone who told me what i needed to do, i told her background that i had been helped to make payment, it was her who said need up to date payslips rather than the one from june when i & e was done to put forward my off of full and final settlement.
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Foggy
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by Foggy » Sun Nov 18, 2018 2:08 pm
amanda296 wrote:
Will i in trouble for not telling them it was doing overtime even though i payed it into my iva ...... there will be a logg of loads of calls and emails for people to contact me, it was only yesterday i spoke to someone who told me what i needed to do, i told her background that i had been helped to make payment, it was her who said need up to date payslips rather than the one from june when i & e was done to put forward my off of full and final settlement.


The trouble is that you didn't pay the overtime into your IVA -- you used it to make up the full agreed amount. Overtime has to be accounted for, and paid, in addition to the full agreed monthly payment. Hopefully your IP will work with you to sort this out as their lack of communication hasn't helped matters.
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amanda296
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by amanda296 » Sun Nov 18, 2018 2:50 pm
It is so confusing i was reading paperwork and said first10% you can keep and anything over that you go 50/50 but they had it all ..... my head is mashed lol
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Foggy
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by Foggy » Sun Nov 18, 2018 3:50 pm
amanda296 wrote:
It is so confusing i was reading paperwork and said first10% you can keep and anything over that you go 50/50 but they had it all ..... my head is mashed lol


I know it is confusing but you have to keep usual income and overtime apart -- pay the regular £150 from regular pay. Then from the overtime you should take off (and keep ) 10% of normal pay, in your case £75 (10% of your usual £750) and split the rest 50 / 50 with the IP.

So in the three months you mentioned earlier:

808 ---- 750 of this is normal pay so 58 overtime --- less than the 10% you are allowed to keep. So only regular payment of £150
865 --- 750 of this is normal pay so 115 overtime --- less the 75 you are allowed to keep is 40, so 20 extra to the IP. So total payment of £170
744 ---- No overtime only regular payment of £150

So in those three months they are only £20 short.
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amanda296
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by amanda296 » Sun Nov 18, 2018 4:43 pm
Thankyou so much for Clarifying that for me in layman's terms, i really do appreciate it.
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