www.iva.co.uk

Hay guys

Im not fully aware of how a full and final offer works, is it based on a % of what an offer etc should be?

I had £22,200 of debt, of which £16,862 claims have been logged for. I have 22 months left of my iva and payed £260 for two years and noe £303 fo the last year. to date it states that there is £7416.25 at the bank (total recipts was 10,091 with a deduction of 2,674.75).

Would an offer of 3, 4 or 5K be accepted as a F&F??

Advice would be greatly appreciated
Drew aka Arty
)O(

sorry also meant to ask, is a F&F is accepted does that mean its classed as a completed IVA? ie no one can come chasing after you down the street looking for money??

To do a F&F you have to keep it as close to the original dividend as possible. We initially put forward 5000 from family members, and we had just over 6000 outstanding. Our "IP" said that they werent willing to put it forward as its wasnt what the original dividend would be, so we said 6000, and in the end, ended up paying nearly 7000 because they got extra payments while they were sorting it out.

Once your F&F is acceptd and you have paid the money, the IVA is completed. I cant wait to get our completion certificate!

Thanks for this Jen hun,

So i assume from my fugures it would need to be near 8k if only 16k was claimed against or would it have to make it up to the full 22k even thought some has nolt been claimed against??

Hi guys,
My mum passed away recently without leaving a will. I am not sure what 'windfall' (that sounds awful) I will get. I think it may be more than IVA agreed at. Will my creditors want all of any money. It's just my mum asked me to keep it for my daughter just before she passed away. She would be happy I was paying off IVA but it would be nice to put some in the account my mum opened for my daughter when she was born. Also if I pay off IVA and settled, is that it, no interest in my property anymore? I have a mortgage.

Sorry to hear of your loss.

Untill an IVA is complete then you still owe the FULL ammount that you owed before.
The chances are, if you get enough to pay back 100% then that is what you would probably have to do.
Do check this with your own IP though and see what they think about putting some into an account for your child

The IPs hands will be tied I am afraid by the specific wording of the IVA - the only people who can compromise this are the creditors themselves.

Once the IVA is completed then the creditors will have no further interest in it and it will be fine as long as the mortgage payments are up to date.

Artemis, Im not too sure, dont you have a set dividend you have to pay back? We owed just under £60k, but with the IVA, had just over 22k to pay back (dividend of 27p in the £). We made 4 years of payments, paying in just over 16k, with 6k to be paid either by equity release, or extension of the IVA, but we had negative equity in our home, and so my hubbys family kindly offered to lend us the money to do a F&F, we offered 5, and DFD said they wouldnt put it forward, so we said 6 and they accepted it but ended up getting more because of additional payments.

The amount owed on the IVA is just under £19,000. So, if I did get anything over that will they want it. I asked IP (who has been fab!) and he said he would put my case forward when the monies come though - basically when house is sold. Could be a while yet. Just thought I'd ask on here as I know you get good advice. My mortgage is up to date. Thanks all!!