Settlement figure help?

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WallysWorld

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Post by WallysWorld » Mon Sep 13, 2010 7:23 pm
Hi guys, been reading many old posts today and they've been very helpful.

My mum is the one with the IVA. Ive nothing to do with it on paper, she just confides in me with her finances because, well, I'm her son.

I have a question about a final settlement figure. Shes been paying for 1 year so far. The total sum was about £28k, it was arranged she'd pay over 5 years which would work out at about £13500 in total. I think £1500 has been paid for the first year. Shes crap with money and even borrows off me for a week or two at a time.

£9k would be available as a final settlement figure. She has phoned recently but they have given her a date of next month before they can call her back to arrange a discussion. Obviously its up to speaking with her supervisor, and getting a figure from them first to see how realistic it is, but thats exactly it, I'm wondering how realistic that figure is going to be based on the figures above. Any help or knowledge appreciated.
 
 

Shining

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Post by Shining » Tue Sep 14, 2010 8:24 am
Hi and welcome to the forum. I'm not good with figures for F&F settlements but do know you need to offer as near to the original dividend as possible.

Are there are any reasons the IVA needs to conclude early?

Maybe one of our other posters will have more concise advise for you. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Adam Davies

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Post by Adam Davies » Tue Sep 14, 2010 8:26 am
Hi
I would think that 9k was a good offer to her creditors. Her IP is duty bound to put this offer forward
Regards
Andam Davies
 
 

MelanieGiles

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Post by MelanieGiles » Tue Sep 14, 2010 10:36 pm
The reason for your Mum wanting/needing to settle will be taken into consideration by creditors considering the merits of a lower offer. My advice is to always try and match the original dividend.
Regards, Melanie Giles, Insolvency Practitioner
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