We are in the late stages now of applying for a normal IVA over 5 years but I am interested and curious to learn a little more re the full and final IVA's does anyone on here know much about them? We have debt's spread over 14 creditors totalling just less than £54,000...... What would be a resonable full and final figure to offer creditors based on that figure to settle from peoples experience of them? And if a full and final is agreed do you still have to produce equity in the 4th year or is it quite literally a "FULL AND FINAL" payment. Just a one off payment and then your free to live your life and not having to prodyuce a yearly I&E???
A full and final is just that - once you have paid across the agreed amount then the IVA is finished and there would be no equity release clause.
It would still be on your record for six years but you would be debt free.
I have no idea how much you would need to offer with your amount of debt, it would be something to discuss with your IP.
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
I would tend to work with a figure similar to the value of the contributions you would be paying into the IVA. Where would you be getting the money from, and could the funder afford that sort of level?
Hi Mel, our figure to pay into the IVA has been put down at 30p/£1 so on a debt of £54,000 it has been estiamated we would pay back just over £17,000 at £295 per calendar month.
My wife and I did a full and final IVA last year with Melanie's team. Our debt was around £75,000 and we paid a lump sum of £22,000. My parents lent us the money and we are still paying them back, but our IVA finished in April when we received our certificates. The figure was arrived at by working out how much the 5 years would have produced, and how much my parents could lend us.
Which firm are you with? I can definitely recommend Melanie's team. They are really helpful and understanding.
Regards
st75
regards
st75
Started lump sum IVA in Aug 2010 - received certificate of completion April 2011, thanks to Melanie & team
