saving f&f settlement

[Hovish]

Is this possible:-

IVA amount 15960 Including IP fees

20 Months payments of 266.00 per month = 5320
50% savings of bonus payments = 3500
50% paid into IVA = 3500
90 per month contingency save (if not used) = 1800

Total 14120.00

In twenty months 8,820.00 would have been paid into IVA, including bonus payments. If we made an additonal offer of 5,300.00 (totalling the 14120.00) would this be accepted as a full and final or would we need to achieve the orginal 15,960.00 Any advise sorry if this sounds complicated (I know what I am trying to get at !!![:)])

[Adam Davies]

Hi
Presuming that there is no equity release involved then it may be possible to offer a lump sum for that amount.It is worth noting that bonus payments are in addition to the £15960 pledged so your creditors/IP may not take this into account.
Creditors do like F+F settlements so it is worth thinking about this.
Where would the lump sum come from ?
You will need to state that your disposible income will be used to repay the lump sum after it is accepted and that the lump sum will only be made if it is used to conclude your IVA
Reagrds

[Hovish]

Hi,

The lump sum would come from our 50% bonus payments saved up over the next 20 months plus we have a 90.00 per month contingency which we would save if we did not need to use it.

[Adam Davies]

Hi
That is fine
Good luck