Full & Final - how to do it?

[Bob and Gill]

My in-laws have said they would be willing to pay off the rest of our IVA. We have around a year to go still and no equity in the house.

Is the norm that you offer the exact balance owing, or is it acceptable to offer a little less based on it being a lump sum?

Also, do I just get them to transfer the money to my account or would they have to make the payment direct please?

[Kelly O]

I suggest that you have a chat with your IP and let them know you have this offer from your in laws.

If the variation is accepted they can make arrangements to pay the money across with to your IVA company

[Bob and Gill]

Thanks, just wanted a rough idea of the process before contacting them. Particularly around the amount we should offer. I am always a little wary that the IP might suggest a higher amount than is really necessary as it's their job to get the most back for creditors! I'm not trying to duck anything, just want a fair deal.

[Kelly O]

Unless you have had a change in circumstances the creditors may expect the full amount due, your monthly payment x 12 remaining months

[Bob and Gill]

No probs, thanks. Will base an offer on that.

[luluj]

Take into account though the months that will past whilst this is put into place when your normal iva payment will be made ... It might be that actually it isn't worth it in a full and final ....bearing in mind it won't change your credit report in anyway and will remain on record for six years from the start date.
Maybe your in-laws not help in other ways to support you in the final 12 months through "gifts"' to help remove some of the pressure .....this is just my thoughts though