What does Full and Final Settlement mean legally in IVA?

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Old Lady
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by Old Lady » Sun Apr 29, 2018 8:34 am
I was in an IVA for 5 months, when I was contacted by the Goverment Pensions to advise that a large insurance company was trying to trace me to give me a pension. When it was ascertained that I was the right person. I got in touch with Payplan to advise I would give this Pension in FULL AND FINAL settlement if my creditors would accept this. This took about six months to be eventally get to court (I carried paying into the IVA) and the majority accepted the offer.

However, Payplan would not send me my certificate until I signed to say they could take all the PPI. So I am asking what does FULL AND FINAL SETTLEMENT mean legally ?
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Foggy
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by Foggy » Sun Apr 29, 2018 9:14 am
Old Lady wrote:
I was in an IVA for 5 months, when I was contacted by the Goverment Pensions to advise that a large insurance company was trying to trace me to give me a pension. When it was ascertained that I was the right person. I got in touch with Payplan to advise I would give this Pension in FULL AND FINAL settlement if my creditors would accept this. This took about six months to be eventally get to court (I carried paying into the IVA) and the majority accepted the offer.

However, Payplan would not send me my certificate until I signed to say they could take all the PPI. So I am asking what does FULL AND FINAL SETTLEMENT mean legally ?


In most settlements it means very little -- it is neither full nor final. It will depend on the wording of the variation, but most F&F are merely a moratorium on further regular payments (the agreed monthly amount) until the arrangement is formally completed. PPI and the like will still be due to the creditors, should it be refunded at any time.
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