Settlement figure : A Settlement is to pay off all the original debt, plus fees and possible statutory interest and, because of the interest element, varies daily. Many firms are reluctant to give these figures out because they vary daily and take a bit of working out -- but they can do if a serious offer to pay up everything is forthcoming. What you really need is to make:
A Full and Final offer: The IP cannot give you this figure as it is your offer to make. It is based upon the number of remaining payments multiplied by the current monthly amount. If you own a property the 12 month extension is added in and taken as it though it would be applied in the normal run of the IVA - so add 12 payments.
Now --- you should never pay more than the full debt, fees and interest --- a rough, back of a fag packet, figure would be around: Debt of £28k, fees around £6000 and £11,000 statutory interest. So £45k in total.
So roughly -- a settlement figure would be £45k less the nearly £28k already paid ---- £17,000 whereas a F&F offer, assuming say 4 months left and then an extension, so 16 months at £295 ---- £4,720
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