Settlement question

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peanut

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Post by peanut » Tue Jul 21, 2020 9:31 am
I have 3 1/2 years left in my IVA. I am due to start my nursing in September and would like to settle early so I don't have to worry about it whilst studying. My parents have offered to pay the full amount of the settlement fee to settle early. What is the chance of it being successful as I'm now worried that they could stop me from going to university.

Foggy

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Post by Foggy » Tue Jul 21, 2020 10:46 am
The chances are good if they are offering a full and final ( based on remaining payments ) and are even better it they are offering a settlement of the balance of the original debt, plus fees etc.

Most early closures are brought about by F&F, rather than a full settlement but are generally looked upon seriously by creditors, who do not wish to be party to the IVA any more than you do -- they are as keen to settle in most cases.

Best of luck with the closure and also with your upcoming studies.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

plasticdaft

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Post by plasticdaft » Tue Jul 21, 2020 5:00 pm
How had you worked out what to offer peanut??
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.

peanut

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Post by peanut » Tue Jul 21, 2020 5:41 pm
My payments are 152 per month and I have 3 and 1/2 years left. My settlement figure is £6,060 and I'm going to offer the full amount because I don't want to run the risk of them not accepting a lower figure.

kallis3

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Post by kallis3 » Tue Jul 21, 2020 6:04 pm
Is that the full amount of your debt or just the IVA amount?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

peanut

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Post by peanut » Tue Jul 21, 2020 6:35 pm
That's just the iva amount full debt stands at 18,000

kallis3

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Post by kallis3 » Tue Jul 21, 2020 8:07 pm
So it's not settlement just a full and final and that is what you need to say.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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