www.iva.co.uk

Hi,
I have been in an IVA for just over 3 years and have always kept to my payments but I am now in a position to be able to offer a full and final settlement as my parents can loan me the money.
I am confused about how much to offer though.
My original agreement states I must pay £0.45 in the £1 and this equates to £13,000 however I have been paying £350 for 38 months = £13,300 and if I were to continue for the remaining 22 months I would have effectively paid a dividend of £0.72 in the £1. Where do I start in working out a suitable f&f settlement figure?
Thanks,
Davina

If there is no particular reason for the full and final you may well need to achieve close to the new dividend otherwise creditors can just wait. If however, there is a threat of redundancy or some other factor that could cause your IVA to fail, a full and final would likely be accepted at a much lower figure.

I suspect that you have not taken the IPs own fees into account in your calculations. Ask your IP to work out a settlement figure for you based upon you returning the original dividend pledged, and then see if your parents would be prepared to lend you that sort of money.