I have a 5 year iva with option of 1 year
a family member as said they will pay of iva
I have asked for full and final and they have said it will be £10300 I pay £272 per month can we offer less
over the time scale there was a ppi payment of £35000 and I paid in £7000 from a ppi I was sorting before I took it out
debt at start was £52000 so there as been a lot paid in
any advice
It is rare that an IP will give you a full and final offer figure -- it usually has to come from yourselves. How many payments do you have left ? With the PPI paid in on top of your regular payments this figure they quote might be a settlement figure ---- the amount needed to take you to having paid the original debt, fees and interest in full.
You are free to offer a lower figure, but, of course, your creditors are free to decline.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Just roughly ----VERY roughly. You have been in the IVA for around 4 years now (so have 2 left with an equity extension)
You have paid in around £13k in repayments, £42k in PPI (before or after claims company fees ?--- I will assume they have to be taken off ). After fees around £30k would have hit the IVA pot. So ---- £43k paid in and around £6.5k to pay if the IVA runs to term. What happened to the inheritance ?
To hit full repayment, with fees and interest, on a debt of £52k, would need something like £77k ( so another £34k).
So, unless I have missed something, like the inheritance, or maybe statutory interest has been excluded, I can't see where they have got their £10k from.
On current repayment amount the creditors are expecting £6.5k IF the equity clause kicks in and the IVA runs to term.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I'd be surprised if an IP is giving you a 'full and final figure' as it's up to you to decide how much to offer creditors.
They could however give you a figure of your remaining contributions/assets they expect to be paid in to the end of a successful term, which would give you a starting point for any offer you may want to make or they could be giving you the settlement figure, which is a completely different kettle of fish, as Foggy has explained above.
I rang this time last year for a full and final and they quoted 10800 this year I spoke to the same lady and she quoted 10300 I don't understand
is there any one in my area who I can get advice from west midlands
Lisa Thomas wrote:Assuming you have a contributions based IVA and no other assets to inject, how many payments are left and how much do you pay?
That figure is your starting point for any F&F.
I have 1 year left with poss extension which I don't under stand I pa £272 month
The possible extension is because you are, presumably, a home owner and thuis is instead of releasing equity ( It is all in your paperwork).
Anyway, with 24 payments left at £272. your creditors will be seeing a further £6528 from you. This is all you need to offer so that they get what they are expecting.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
