Settlement what happens?

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superted

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Post by superted » Sun Mar 22, 2020 7:33 pm
Hi Guys I am due my works bonus next month around £6,000 my auntie has put in a final settlement in to complete my IVA if accepted I will then give her the money back, what happens if this amount is accepted? will they do a final review of my account? if so they will most probably see the bonus I've been paid? or because they have accepted the amount it wont matter?.

Thanks for the help much appreciated

Foggy

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Post by Foggy » Sun Mar 22, 2020 8:05 pm
They will do a final review to confirm that all income has been accounted for -- and may ask for the agreed share of the bonus if it arrives before the end of the IVA. Much will depend on the providers policies and the way they look at things -- some will ignore anything after the payment has been made, some will hang on until the formal completion takes place. Also imporetant will be the wording of the offer, as presented by the IP to the creditors. Some will make it clear that the offer is actually full and final, others will be worded ( as was mine) as simply stopping regular payments until the IVA is closed down in return for the lump sum --- in this case it is neither full nor final.

So, impossible to give you a straight answer really.
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

superted

Posts: 20
Joined: Thu Mar 12, 2020 2:41 pm

Post by superted » Mon Mar 23, 2020 12:30 pm
Thanks foggy only trouble being if they accept £6000 settlement and a share of the bouns Then the £6,000 won’t happen lol
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